Optimal (r, nQ, T) batch-ordering policy under stationary demand
| dc.contributor.author | Lagodimos, A. G. | en |
| dc.contributor.author | Christou, I. T. | en |
| dc.contributor.author | Skouri, K. | en |
| dc.date.accessioned | 2015-11-24T17:26:57Z | |
| dc.date.available | 2015-11-24T17:26:57Z | |
| dc.identifier.issn | 0020-7721 | - |
| dc.identifier.uri | https://olympias.lib.uoi.gr/jspui/handle/123456789/13292 | |
| dc.rights | Default Licence | - |
| dc.subject | supply chain | en |
| dc.subject | periodic | en |
| dc.subject | newsvendor | en |
| dc.subject | optimisation | en |
| dc.subject | stochastic demand | en |
| dc.subject | inventory policies | en |
| dc.subject | service-levels | en |
| dc.subject | models | en |
| dc.subject | systems | en |
| dc.title | Optimal (r, nQ, T) batch-ordering policy under stationary demand | en |
| heal.abstract | We consider the control of a single-echelon inventory system under the standard (r, nQ, T) batch-ordering policy. Demand follows a stationary stochastic process and, when unsatisfied, is backordered. Under a standard cost structure, we seek to minimise total average cost per unit time. In contrast to previous research, all three policy variables (i.e. reorder level r, batch size Q and review interval T) are simultaneously optimised. While average total cost is not convex, analytic properties for two new cost bounds and a Newsboy characterisation of the optimal solution lead to an exact search algorithm with guaranteed convergence to the global optimum. Computational results demonstrate that the inclusion of the review interval as a decision variable in the optimisation problem can offer substantial cost savings. | en |
| heal.access | campus | - |
| heal.fullTextAvailability | TRUE | - |
| heal.identifier.primary | Doi 10.1080/00207721.2011.555010 | - |
| heal.identifier.secondary | <Go to ISI>://000306409300018 | - |
| heal.identifier.secondary | http://www.tandfonline.com/doi/pdf/10.1080/00207721.2011.555010 | - |
| heal.journalName | International Journal of Systems Science | en |
| heal.journalType | peer reviewed | - |
| heal.language | en | - |
| heal.publicationDate | 2012 | - |
| heal.publisher | Taylor & Francis | en |
| heal.recordProvider | Πανεπιστήμιο Ιωαννίνων. Σχολή Θετικών Επιστημών. Τμήμα Μαθηματικών | el |
| heal.type | journalArticle | - |
| heal.type.el | Άρθρο Περιοδικού | el |
| heal.type.en | Journal article | en |
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