Evaluation of a joint replenishment policy with sales-based threshold and stochastic demand
文献类型：期刊论文
| 作者 | Wan, Guangyu3,4; Cao, Yu5; Wang, Shouyang1,2 |
| 刊名 | COMPUTERS & INDUSTRIAL ENGINEERING
 |
| 出版日期 | 2022-10-01 |
| 卷号 | 172页码:11 |
| ISSN号 | 0360-8352 |
| 关键词 | Inventory control Cost evaluation Joint replenishment problem Sales-based threshold Semi-Markov chain |
| DOI | 10.1016/j.cie.2022.108525 |
| 英文摘要 | In this study, we consider a stochastic joint replenishment problem with Poisson demand, where multiple items are replenished jointly through a common supplier. We study a novel type of joint replenishment policy controlled by a sales threshold, under which new orders are placed to restore every item's inventory position to a base-stock level when the system's accumulated sales generated since the last order reach a certain threshold. The sales threshold enables our model to capture multiple items' value heterogeneity that has been ignored by the quantity-based threshold in traditional joint replenishment control policy. We first characterize the inventory dynamics of the joint replenishment model by the semi-Markov chain method and then provide an approach to evaluate the exact long-run average system inventory-related costs. We further provide an approach to optimize the joint replenishment policy. Numerical experiments are conducted to compare the sales-based threshold policy with the traditional quantity-based threshold policy. Our results show that the sales-based threshold policy can significantly outperform the quantity-based threshold policy, especially for a system with a high holding cost rate, short lead time, low fixed ordering cost, and large heterogeneity among products. This is because the sales-based threshold adds an extra dimension to differentiate the products in addition to the use of different stock levels for multiple items. Our results help practitioners understand the underlying factors that drive the effectiveness of the sales-based threshold policy. |
| 资助项目 | National Natural Science Foun-dation of China ; Natural Science Foun-dation of Hunan Province ; Leading Project of Hunan Science and Technology Innovation Talents Program ; [71972182,71802076] ; [2020JJ2051,2022JJ30176] ; [2021RC4007] |
| WOS研究方向 | Computer Science ; Engineering |
| 语种 | 英语 |
| 出版者 | PERGAMON-ELSEVIER SCIENCE LTD |
| WOS记录号 | WOS:000891311800014 |
| 源URL | [http://ir.amss.ac.cn/handle/2S8OKBNM/60543]  |
| 专题 | 中国科学院数学与系统科学研究院 |
| 通讯作者 | Cao, Yu |
| 作者单位 | 1.Chinese Acad Sci, Ctr Forecasting Sci, Beijing 100190, Peoples R China 2.Univ Chinese Acad Sci, Sch Econ & Management, Beijing 100190, Peoples R China 3.Hunan Univ, Sch Econ & Trade, Changsha 410082, Peoples R China 4.Chinese Acad Sci, Acad Math & Syst Sci, Beijing 100190, Peoples R China 5.Cent South Univ, Business Sch, Changsha 410083, Peoples R China |
| 推荐引用方式 GB/T 7714 | Wan, Guangyu,Cao, Yu,Wang, Shouyang. Evaluation of a joint replenishment policy with sales-based threshold and stochastic demand[J]. COMPUTERS & INDUSTRIAL ENGINEERING,2022,172:11. |
| APA | Wan, Guangyu,Cao, Yu,&Wang, Shouyang.(2022).Evaluation of a joint replenishment policy with sales-based threshold and stochastic demand.COMPUTERS & INDUSTRIAL ENGINEERING,172,11. |
| MLA | Wan, Guangyu,et al."Evaluation of a joint replenishment policy with sales-based threshold and stochastic demand".COMPUTERS & INDUSTRIAL ENGINEERING 172(2022):11. |
入库方式： OAI收割
来源：数学与系统科学研究院
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