Robust Inventory Management Using Tractable Replenishment Policies

Topics:
Inventory Management
Tags:
Inventory Control,
Inventory Management,
Management,
Replenishment Policy,
Strategic Planning,
Strategy
Source:
National University of Singapore

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Overview: This paper proposes tractable replenishment policies for a multi-period, single product inventory control problem under ambiguous demands, that is, only limited information of the demand distributions such as mean, support and deviation measures are available. The parameters of the tractable replenishment policies were obtained by solving a deterministic optimization problem in the form of Second Order Cone Optimization problem (SOCP). This framework extends to correlated demands and is developed around a factor-based model, which has the ability to incorporate business factors as well as time series forecast effects of trend, seasonality and cyclic variations. Computational results show that with correlated demands, this model outperforms a state independent base-stock policy derived from dynamic programming and an adaptive myopic policy.

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Format: PDF | Size: 252KB | Date: Apr 2007 | Pages: 34

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