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Myopic control of stochastic inventories with intermittent updates / M. Shnaiderman in Journal of the operational research society (JORS), Vol. 63 N° 7 (Juillet 2012) 

Public ISBD [article]  in Journal of the operational research society (JORS) > Vol. 63 N° 7 (Juillet 2012) . - pp. 991–1005 Titre : Myopic control of stochastic inventories with intermittent updates : continuous versus periodic replenishment Type de document : texte imprimé Auteurs : M. Shnaiderman, Auteur Année de publication : 2012 Article en page(s) : pp. 991–1005 Note générale : Operational research Langues : Anglais (eng) Mots-clés : Myopic  base-stock  policy  Vendor  managed  inventory  Continuous  replenishment  Periodic  replenishment Index. décimale : 001.424 Résumé : A manufacturer who is responsible for supplying a retailer with a single product is considered. The retailer sells the product in response to stochastic demand and provides the manufacturer with periodic updates about his inventories. Replenishing the retailer's inventory under two myopic base-stock policies is addressed. These policies, referred to as vendor managed inventory, represent a relatively new approach to allocating responsibility in the replenishment process. Specifically, the manufacturer, who is responsible for the retailer's inventories, can replenish them either continuously at any point in time or periodically, at one point in time for each period. The myopic replenishment policies that are considered are of a base-stock type. It is shown that the selected policies become optimal as the number of review periods tends to infinity. Furthermore, the two replenishment alternatives are compared in terms of both base-stock levels and expected costs, including those for inventory holding/shortage and transportation costs. Although continuous rather than periodic replenishment is evidently more expensive in terms of transportation costs, it is shown that even when the transportation cost constitutes more than 55% of the total average cost, it may still be preferable to replenish continuously rather than periodically. DEWEY : 001.424 ISSN : 0160-5682 En ligne : http://www.palgrave-journals.com/jors/journal/v63/n7/abs/jors2011101a.html [article] Myopic control of stochastic inventories with intermittent updates : continuous versus periodic replenishment [texte imprimé] / M. Shnaiderman, Auteur . - 2012 . - pp. 991–1005. Operational research Langues : Anglais (eng) in Journal of the operational research society (JORS) > Vol. 63 N° 7 (Juillet 2012) . - pp. 991–1005 Mots-clés : Myopic  base-stock  policy  Vendor  managed  inventory  Continuous  replenishment  Periodic  replenishment Index. décimale : 001.424 Résumé : A manufacturer who is responsible for supplying a retailer with a single product is considered. The retailer sells the product in response to stochastic demand and provides the manufacturer with periodic updates about his inventories. Replenishing the retailer's inventory under two myopic base-stock policies is addressed. These policies, referred to as vendor managed inventory, represent a relatively new approach to allocating responsibility in the replenishment process. Specifically, the manufacturer, who is responsible for the retailer's inventories, can replenish them either continuously at any point in time or periodically, at one point in time for each period. The myopic replenishment policies that are considered are of a base-stock type. It is shown that the selected policies become optimal as the number of review periods tends to infinity. Furthermore, the two replenishment alternatives are compared in terms of both base-stock levels and expected costs, including those for inventory holding/shortage and transportation costs. Although continuous rather than periodic replenishment is evidently more expensive in terms of transportation costs, it is shown that even when the transportation cost constitutes more than 55% of the total average cost, it may still be preferable to replenish continuously rather than periodically. DEWEY : 001.424 ISSN : 0160-5682 En ligne : http://www.palgrave-journals.com/jors/journal/v63/n7/abs/jors2011101a.html