A Multi-Product Dynamic Lot-Size Model with Individual and Joint Set-up Costs

Edward P. C. Kao

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Supply Chain and Inventory Management Management and Optimization Techniques Scheduling and Optimization Algorithms

Abstract

This paper considers a multi-product dynamic lot-size problem. In addition to a separate set-up cost for each product ordered, a joint set-up cost is incurred when one or more products are ordered. We present a dynamic programming formulation for finding the optimal ordering policy that calls for a smaller state space than that proposed by Zangwill. As a convenient substitute, we also introduce a very simple heuristic procedure and two of its variants. For the two-product problem we report computational experience for evaluating the performance of these procedures.

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References

2004Dynamic Version of the Economic Lot Size Model 1969A Backlogging Model and a Multi-Echelon Model of a Dynamic Economic Lot Size Production System—A Network Approach 1969Minimum Concave-Cost Solution of Leontief Substitution Models of Multi-Facility Inventory Systems 1975Planning Horizons for the Dynamic Lot Size Model: Zabel vs. Protective Procedures and Computational Results 1969Extensions of the Planning Horizon Theorem in the Dynamic Lot Size Model 1964Some Generalizations of an Inventory Planning Horizon Theorem

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