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AN ORDERING POLICY FOR STOCK ITEMS WHEN DELIVERY CAN BE EXPEDITED

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Supply Chain and Inventory Management Management and Optimization Techniques Advanced Manufacturing and Logistics Optimization

Abstract

THE ORDERING POLICY IS DEFINED BY A TRIPLE (X,Q,E) WHERE X = INVENTORY LEVEL AT WHICH AN ORDER FOR Q UNITS IS PLACED WITH A DELIVERY LEAD TIME L AND E = EXPEDITING LEVEL. AN EXPRESSION FOR THE TOTAL COST OF SUCH POLICY IS DERIVED BASED ON THE EXPECTED VALUES OF INVENTORY, UNITS SHORT PER UNIT TIME, NUMBER OF ORDERS PER UNIT TIME, NUMBER OF EXPEDITED ORDERS PER UNIT TIME, NUMBER OF UNITS EXPEDITED PER UNIT TIME. UNDER THE ASSUMPTION THAT NO ORDERS ARE OUTSTANDING AT THE TIME AN ORDER IS PLACED, APPROXIMATIONS TO THE OPTIMUM (X, Q, E) ARE DERIVED. /ORMS/

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2009Inventory and internal logistics management as critical factors affecting supply chain performance 1978Optimum ordering policies with lead time for an operating unit 1998Optimal continuous review policies for spare part provisioning with random lead times 2009An order expediting policy for continuous review systems with manufacturing lead-time 1995CONTINUOUS REVIEW CYCLIC INVENTORY MODELS WITH EMERGENCY ORDER 2017Inventory control policy for a periodic review system with expediting 2009Cost-effective ordering policies for inventory systems with emergency order 2002Ordering policies for inventory systems with expediting

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