Optimization of a Periodic Review Joint Replenishment Policy for a Stochastic Inventory System

Lei Wang (1) , Haoxun Chen (1)

1 LOSI - Laboratoire d'Optimisation des Systèmes Industriels

A stochastic inventory system with multiple products controlled by a periodic review joint replenishment policy P(s, Si)is considered. This system places a joint replenishment order to bring the inventory position of each item i to its order-up-to level Si when the aggregate reorder point of all items drops below s at each review moment. By imposing service levels on the system, we propose an algorithm for optimizing the policy to minimize the total cost of the system. The performance of this algorithm is evaluated by numerical experiments on randomly generated instances.

Mots clés: Inventory management; Joint replenishment; Optimization; Monte Carlo simulation

Domaines: Recherche opérationnelle [math.OC]

Lei Wang, Haoxun Chen. Optimization of a Periodic Review Joint Replenishment Policy for a Stochastic Inventory System. IFIP International Conference on Advances in Production Management Systems, Sep 2021, Nantes, France. pp.493-501, ⟨10.1007/978-3-030-85874-2_52⟩. ⟨hal-03352963⟩