Joint Determination of Optimal Inventory and Quality Control Policy

Helmut Schneider · Kwei Tang

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Supply Chain and Inventory Management Management and Optimization Techniques Advanced Statistical Process Monitoring

Abstract

Typically the operating policy for the inventory control system for a commodity is developed independent of the operating policy for the quality control system for that commodity and vice versa. In many circumstances, these systems are dependent on one another. A cost model that combines a fixed order quantity inventory control system with a Bayesian quality control system for a lot-by-lot attribute acceptance sampling plan is presented along with an algorithm to obtain the operating parameters for the combined systems. Behavior of the combined systems is investigated, and the costs and operating policy determined using this model are compared with the costs and operating policy determined when there is no integration of the two systems and when there is partial integration of the two systems. There are significant cost savings obtained by using the operating policy developed under the combined systems over the operating policy derived from the separate systems.

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References

1980Optimal inventory policies when stockouts result from defective products 1960The Compound Hypergeometric Distribution and a System of Single Sampling Inspection Plans Based on Prior Distributions and Costs 1965An Empirical Study of Exactly and Approximately Optimal Inventory Policies 1982A lot size model with backloǵ ǵinǵ when the amount received is uncertain 1985Optimal Inspection and Ordering Policies for Products with Imperfect Quality 1984Effect of Risk Aversion on Single Sample Attribute Inspection Plans 1974A New Prior Distribution for Attributes Sampling 1963Sampling Procedures Based on Prior Distributions and Costs

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2010Optimal procurement and sampling decisions under stochastic yield of returns in reverse supply chains 2012An instantaneous replenishment model under the effect of a sampling policy for defective items 2013Joint production and quality control of unreliable batch manufacturing systems with rectifying inspection 2000Coordinating replenishments in a supply chain with quality control considerations 2015

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