A coordinated inventory control system for compound Poisson demand and zero lead time†

ROBERT M. THOMPSTONEJ · Edward A. Silver

59 citations0/0 files storedInternational Journal of Production Research

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Supply Chain and Inventory Management Reliability and Maintenance Optimization Management and Optimization Techniques

Abstract

SUMMARY Often coordination of items for replenishment purposes can lead to significant savings in the costs of replenishment. This article presents a reasonable procedure for determining the values of the various control variables of an (S, c, e) control system, namely the Order-up-to-levels, the can-order points and the must-order points. It is assumed that demand is compound Poisson and the replenishment lead time is of negligible duration. Comparison with the best independent control strategy indicates that substantial savings (averaging 15-9% over some 64 examples) are possible through coordination of replenishments.

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References

1959Studies in Mathematical Theory of Inventory and Production 1964On a Basic Class of Multi-Item Inventory Problems 1966Compound Poisson Distributions

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2002FORECASTING FOR THE ORDERING AND STOCK- HOLDING OF CONSUMABLE SPARE PARTS 2016A coordinated multi-item inventory system for perishables with random lifetime 2006The stochastic joint replenishment problem: A new policy, analysis, and insights 2007Two-commodity inventory system with retrial demand 2000Coordinated replenishments in inventory systems with correlated demands 2019A state-dependent perishability (s, S) inventory model with random batch demands 2004A dynamic joint replenishment policy with auto-correlated demand 2015Optimal replenishment rate for inventory systems with compound Poisson demands and lost sales: a direct treatment of time-average cost

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