Computational algorithm for inventory model with a service level constraint, lead time demand with the mixture of distributions and controllable negative exponential backorder rate.
Wen-Chuan LeeJong-Wuu WuJye-Wei HsuPublished in: Appl. Math. Comput. (2006)
Keyphrases
- lead time
- service level
- lot size
- supply chain
- replenishment policy
- base stock policy
- order quantity
- probabilistic model
- random variables
- objective function
- customer demand
- inventory level
- lot sizing
- total cost
- single product
- single item
- inventory systems
- inventory control
- planning horizon
- lost sales
- optimal solution
- holding cost
- inventory policy
- cost function
- dynamic programming
- reorder point
- setup cost
- demand distributions
- inventory models
- single period
- standard deviation
- stochastic demand
- probability distribution
- infinite horizon
- periodic review
- single stage
- markov chain
- service requirements
- inventory costs
- mixed integer programming
- decision making
- stochastic lead times