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

Abstract : 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.
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Submitted on : Thursday, September 23, 2021 - 4:05:37 PM
Last modification on : Friday, September 24, 2021 - 3:21:45 AM

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Lei Wang, Haoxun Chen. Optimization of a Periodic Review Joint Replenishment Policy for a Stochastic Inventory System. Advances in Production Management Systems. Artificial Intelligence for Sustainable and Resilient Production Systems, pp.493-501, 2021, ⟨10.1007/978-3-030-85874-2_52⟩. ⟨hal-03352963⟩

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