A periodic review decision model for an inventory system with two demand types

DOI10.1504/IJMOR.2021.119956MaRDI QIDQ2073529zbMATH OpenFDO

Authors The Jin Ai, Ririn Diar Astanti, Huyunh Trung Luong

Publication date 2 February 2022

Published in International Journal of Mathematics in Operational Research (Search for Journal in Brave)

Full work available at URL https://doi.org/10.1504/IJMOR.2021.119956

zbMATH Keywords

compound Poisson processinventorymodeloptimisationperiodic review

Mathematics Subject Classification ID

Inventory, storage, reservoirs (90B05)

Review text

Summary: This paper presents a decision model for finding the best policy in a single item inventory system incorporating two kinds of demand, in which each demand type is modelled as an independent compound Poisson process. Some critical model assumptions are infinite planning horizon, infinite replenishment rate, zero lead time, and shortage backorder. A periodic review inventory model is utilised, in which decision variables of the optimisation problem considered in the model are replenishment period and maximum inventory after replenishment. After the mathematical model is developed, optimal decision variables can be obtained.

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Cited in

(3)

• Inventory decision in a periodic review inventory model with two complementary products
• Periodic review policy for a two-echelon closed-loop inventory system with correlations between demands and returns
• A two-item two-warehouse periodic review inventory model with transshipment

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