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Please use this identifier to cite or link to this item: http://ntour.ntou.edu.tw:8080/ir/handle/987654321/25981

Title: A dynamic two-segment partial backorder control of (r,Q) inventory system
Authors: C.W. Chu;B.E. Patuwo;A. Mehrez;G. Rabinowitz
Contributors: NTOU:Department of Shipping and Transportation Management
國立臺灣海洋大學:航運管理學系
Keywords: Inventory;Continuous review;Partial backorder;Lost sales;Backorder;Stochastic demand
Date: 2001-09
Issue Date: 2011-10-20T08:33:21Z
Publisher: Computers & Operations Research
Abstract: abstract:Inventory management involves determination of shortage policy. It specifies the conditions for losing or backordering a demand. Alternative policies include pure backorder, pure lost sales, and partial backorder (using a single backorder control limit). When the backorder-cost is time dependent it makes sense to modify the backorder-limit over time. Thus, a new form of partial backorder policy (PB2) with two-segment backorder control limits is introduced. The traditional policies mentioned above, are special cases of PB2. Hence, we provide a unified framework for studying different policies that deal with shortage. The PB2 problem is formulated and solved as a discrete time, stochastic constrained control problem. Its performance is numerically compared with the simpler alternative policies. In some cases its cost savings, versus the best of PB and PL, exceeds 15%, and 7% versus a single backorder limit policy. The economical advantage is significant over a wide range of the problem parameters.
Scope and purpose:This paper develops an expanded framework for modeling shortages in inventory management. It recognizes that optimal backordering strategy may change over time during an “out-of-stock” period. The paper is motivated by experience in the chemical industry in which, the cost of backordering is highly time related. Inventory managers, in this industry, consider to lose sales initially (once they run out of stock) and begin to backorder demand later as they approach the replenishment time. A two-segment partial backorder (r,Q) model is introduced and solved. Pure backorder (PB), pure lost sales (PL), and partial backorder (using a single backorder limit), are all special cases of the proposed model. The problem is formulated and solved as a discrete time, stochastic constrained control problem. Its performance is numerically compared with the simpler alternative policies. In some cases its cost savings, versus the best of PB and PL, exceeds 15%, and 7% versus a single backorder limit policy. The economical advantage is significant over a wide range of the problem parameters. The partial backorder policy we propose is not only different from those in the literature, but it provides new control flexibility.
Relation: 28(10), pp.935-953
URI: http://ntour.ntou.edu.tw/handle/987654321/25981
Appears in Collections:[航運管理學系] 期刊論文

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