Inventory models with fixed and variable lead time crash costs considerations

J. C.-H. Pan · Y-C Hsiao · CJ Lee

41 citations0/0 files storedJournal of the Operational Research Society

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Supply Chain and Inventory Management Sustainable Supply Chain Management Optimization and Mathematical Programming

Abstract

Abstract Most of the literature pertaining to inventory problems assumes lead time to be a prescribed parameter and thus not subject to control. In many practical situations, inventory lead time can be shortened at the expense of additional cost. Hence, the variable lead time can be regarded as a decision variable since it can be decomposed into several components, each having a crash cost function for the respective reduced lead time. However, in the related research each such crash cost is often treated only as a function of the reduced lead time. In this paper, crash cost is represented as a function of both the order quantity and the reduced lead time. An inventory model with normal demand is first presented and another model with unknown demand distribution is also discussed. Numerical examples are included to illustrate the procedures of the algorithms. These examples also show that the crash priority changes as the demand changes.

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References

1979Decision Systems for Inventory Management and Production Planning 1993The Distribution Free Newsboy Problem: Review and Extensions 1991An Analytical Determination of Lead Time with Normal Demand 1994Inventory Models Involving Lead Time as a Decision Variable 1996Mixture Inventory Model with Backorders and Lost Sales for Variable Lead Time 1998A minimax distribution free procedure for mixed inventory model with variable lead time

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