Multi-index base-stock policy for inventory systems with multiple capacitated suppliers

OR Spectrum ◽  
2021 ◽  
Author(s):  
Chaolin Yang ◽  
Diyuan Huang ◽  
Chenyang Xu
Keyword(s):  
Inventory Systems ◽  
Base Stock ◽  
Multi Index ◽  
Base Stock Policy ◽  
Stock Policy

scholarly journals An Adaptive Algorithm for Finding the Optimal Base-Stock Policy in Lost Sales Inventory Systems with Censored Demand

2009 ◽  
Vol 34 (2) ◽  
pp. 397-416 ◽  
Author(s):  
Woonghee Tim Huh ◽  
Ganesh Janakiraman ◽  
John A. Muckstadt ◽  
Paat Rusmevichientong
Keyword(s):  
Adaptive Algorithm ◽  
Inventory Systems ◽  
Base Stock ◽  
Lost Sales ◽  
Base Stock Policy ◽  
Stock Policy

Optimality of Base Stock Policy under Unknown Demand Distributions: New Results and a New Method

2021 ◽  
Author(s):  
Alain Bensoussan ◽  
Suresh Sethi ◽  
Abdoulaye Thiam ◽  
Janos Turi
Keyword(s):  
Base Stock ◽  
New Method ◽  
Base Stock Policy ◽  
Stock Policy

scholarly journals Base stock policy with retrial demands

2013 ◽  
Vol 37 (6) ◽  
pp. 4464-4473 ◽  
Author(s):  
N. Anbazhagan ◽  
Jinting Wang ◽  
D. Gomathi
Keyword(s):  
Base Stock ◽  
Base Stock Policy ◽  
Stock Policy

Service Level Relationships in Multi-stage Systems under the Base Stock Policy

OPSEARCH ◽  
2002 ◽  
Vol 39 (3-4) ◽  
pp. 230-242
Author(s):  
Subrata Mitra ◽  
Ashis K. Chatterjee
Keyword(s):  
Service Level ◽  
Base Stock ◽  
Base Stock Policy ◽  
Multi Stage ◽  
Stock Policy

Understanding the Performance of Capped Base-Stock Policies in Lost-Sales Inventory Models

2020 ◽  
Author(s):  
Linwei Xin
Keyword(s):  
Base Stock ◽  
Superior Performance ◽  
Lead Times ◽  
Lost Sales ◽  
Index Policy ◽  
Stock Level ◽  
New Family ◽  
Base Stock Policy ◽  
Stock Policy ◽  
Base Stock Policies

Single-sourcing lost-sales inventory systems with lead times are notoriously difficult to optimize. In this paper, we propose a new family of capped base-stock policies and provide a new perspective on constructing a practical hybrid policy combining two well-known heuristics: base-stock and constant-order policies. Each capped base-stock policy is associated with two parameters: a base-stock level and an order cap. We prove that for any fixed order cap, the capped base-stock policy converges exponentially fast in the base-stock level to a constant-order policy, providing a theoretical foundation for a phenomenon by which a capped dual-index policy converges numerically to a tailored base-surge policy recently observed in other work in a different but related dual-sourcing inventory model. As a consequence, there exists a sequence of capped base-stock policies that are asymptotically optimal as the lead time grows. We also numerically demonstrate its superior performance in general (including small lead times) by comparing it with otherwell-known heuristics.

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