Shared information in a serial inventory system Online publication date: Tue, 30-Sep-2014
by Nima Yazdan Shenas, Abdolhamid Eshraghniaye Jahromi, Kourosh Eshghi
International Journal of Advanced Operations Management (IJAOM), Vol. 3, No. 2, 2011
Abstract: In this study, a supply chain model consisting of a single product, one supplier and one retailer is considered. Transportation times are constant and demands at the retailer are assumed to be generated by a stationary Poisson process. Demands not covered immediately from inventory are backordered. The retailer carries inventory and replenishes stock according to a (Q, R) policy. The supplier has online information about the demand at the retailer and uses this information to replenish its stock. The order size at the supplier is a multiple integer to the retailer's order size. Considering order costs for the retailer and the supplier, we derive the exact cost function for this inventory system. Then, using a search method, the optimal solution for the exact value of the expected system costs is found. Furthermore, for utilising information in the supplier's decision making, we resort to solve several numerical examples.
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