Dual Sourcing Dual Mode Dynamic Stochastic Inventory Models
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Dual Sourcing Dual Mode Dynamic Stochastic Inventory Models
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Author : Linwei Xin
language : en
Publisher:
Release Date : 2021
Dual Sourcing Dual Mode Dynamic Stochastic Inventory Models written by Linwei Xin and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021 with categories.
We review academic research on dual-sourcing (or dual-mode) dynamic stochastic inventory models, which study the replenishment of inventory from two sources (or two transportation modes) in the presence of demand uncertainty. The classic assumption, also adopted here, is that the two sources (modes) differ by replenishment lead times and costs. We cover both discrete- and continuous-time models. A feature distinguishing our review from others is that ours is more technically detailed and provides self-contained proofs of several fundamental results in the dual-sourcing literature. We also highlight theory advanced recently by using asymptotic analysis.
Robust Dual Sourcing Inventory Management
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Author : Jiankun Sun
language : en
Publisher:
Release Date : 2019
Robust Dual Sourcing Inventory Management written by Jiankun Sun and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
(1) Problem Definition: How to dynamically replenish inventory from two supply sources or shipping modes with general lead times. The fast source is more expensive than the slow source.(2) Academic/Practical Relevance: Dual sourcing provides supply chain flexibility to mitigate demand and supply risk. Despite its relevance in practice, characterizing the optimal dual sourcing policy is extremely challenging, and the optimal stochastic policy for non-consecutive lead times has been unknown for over 50 years.(3) Methodology: We present and solve a robust rolling horizon model for periodically reviewed dual sourcing inventory systems that minimizes the total cost of purchasing, inventory holding and backlogging.(4) Results: We prove that the optimal robust policy is a dual index, dual base-stock policy that constrains or “caps” the slow order and provide closed-form expressions for the three control parameters. The optimality result is established for general lead times and can accommodate non-stationary demand. Our numerical study shows that as the lead time difference grows, the capped dual index policy increasingly smooths slow orders and, for stationary demand, converges to the tailored base surge policy, which places a constant slow order and has been shown to be asymptotically optimal.(5) Managerial Implications: Our capped dual index policy is easy to understand, explain and implement in practice. In an extensive simulation study, the capped dual index policy performs as well as, and can even outperform, the best heuristics presented in the stochastic inventory literature.
Dual Sourcing
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Author : Ulrich Schimpel
language : en
Publisher: KIT Scientific Publishing
Release Date : 2014-08-14
Dual Sourcing written by Ulrich Schimpel and has been published by KIT Scientific Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-08-14 with Business & Economics categories.
Companies with high-performing supply chains enjoy essential competitive ad- vantages. However, supply chain management faces an environment of rising risk that endangers these competitive advantages. One of the reasons is to outsource parts of their business. This bears the risk of significantly increased lead times and lead time variability. It is the impact of lead time variability on inventory management that is the central aspect of this book. It describes a mathematical model for dual sourcing with two reorder points, shows the deviation between stochastic and deterministic calculations in a sensitivity analysis, and investigates different relaxations of a traditional dual-sourcing policy.
Research Handbook On Inventory Management
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Author : Jing-Sheng J. Song
language : en
Publisher: Edward Elgar Publishing
Release Date : 2023-08-14
Research Handbook On Inventory Management written by Jing-Sheng J. Song and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-08-14 with Technology & Engineering categories.
This comprehensive Handbook provides an overview of state-of-the-art research on quantitative models for inventory management. Despite over half a century’s progress, inventory management remains a challenge, as evidenced by the recent Covid-19 pandemic. With an expanse of world-renowned inventory scholars from major international research universities, this Handbook explores key areas including mathematical modelling, the interplay of inventory decisions and other business decisions and the unique challenges posed to multiple industries.
1 79 Approximation Algorithms For Continuous Review Single Sourcing Lost Sales And Dual Sourcing Inventory Models
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Author : Linwei Xin
language : en
Publisher:
Release Date : 2020
1 79 Approximation Algorithms For Continuous Review Single Sourcing Lost Sales And Dual Sourcing Inventory Models written by Linwei Xin and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with categories.
Stochastic inventory systems with lead times are often challenging to optimize, including single-sourcing lost-sales and dual-sourcing inventory systems. Recent numerical results have suggested that capped policies demonstrate superior performance over existing heuristics. However, the superior performance lacks a theoretical foundation, and why such policies generally perform so well remains a major open question.In this paper, we provide a theoretical foundation for this phenomenon in two classical inventory models with lead times. First, in a continuous review lost-sales inventory model with lead times and Poisson demand, we prove that a so-called capped base-stock policy has a worst-case performance guarantee of 1.79, by conducting an asymptotic analysis under a large penalty cost and lead time. Second, we extend the analysis to a more complex continuous review dual-sourcing inventory model with general lead times and Poisson demand, and also prove that a so-called capped dual-index policy has a worst-case performance guarantee of 1.79 under large lead time and ordering cost differences. Our results provide a deeper understanding of the superior numerical performance of capped policies, and present a new approach to proving worst-case performance guarantees of simple policies in hard inventory problems.
Sole Versus Dual Sourcing In Uniform Lead Time S Q Inventory Models
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Author :
language : en
Publisher:
Release Date : 1988
Sole Versus Dual Sourcing In Uniform Lead Time S Q Inventory Models written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1988 with Inventory control categories.
An Approximate Policy For A Dual Sourcing Inventory Model With Positive Lead Times And Binomial Yield
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Author : Wanrong Ju
language : en
Publisher:
Release Date : 2014
An Approximate Policy For A Dual Sourcing Inventory Model With Positive Lead Times And Binomial Yield written by Wanrong Ju and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
This paper studies the inventory system of a retailer who orders his products from two supply sources, a local one that is responsive and reliable, but expensive, and a global one that is low-cost but less reliable. The deliveries from the global source only partially satisfy the quality requirements. We model this situation with a dual-sourcing inventory model with positive lead times and random yield. We propose a dual-index order-up-to policy (DOP) based on approximating the inventory model with an unreliable supplier by a sequence of dual-sourcing models with reliable suppliers and suitably modified demand distributions. Numerical results show that the performance of this heuristic is close to that of the optimal DOP. Moreover, we extend the heuristic to models with advance yield information and study its impact on the total inventory costs.
Dual Sourcing
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Author : Ulrich Schimpel
language : en
Publisher:
Release Date : 2010
Dual Sourcing written by Ulrich Schimpel and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with categories.
Companies with high-performing supply chains enjoy essential competitive ad- vantages. However, supply chain management faces an environment of rising risk that endangers these competitive advantages. One of the reasons is to outsource parts of their business. This bears the risk of significantly increased lead times and lead time variability. It is the impact of lead time variability on inventory management that is the central aspect of this book. It describes a mathematical model for dual sourcing with two reorder points, shows the deviation between stochastic and deterministic calculations in a sensitivity analysis, and investigates different relaxations of a traditional dual-sourcing policy.
Multiple Sourcing In Single And Multi Echelon Inventory Systems
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Author :
language : en
Publisher:
Release Date : 2010
Multiple Sourcing In Single And Multi Echelon Inventory Systems written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with categories.
This thesis deals with stochastic inventory models that focus on the following two aspects in particular: (i) the coordination of multiple supply sources and (ii) the optimization of the inventory allocation and sizing in multi-echelon systems. Initially, single-echelon inventory models with multiple sourcing and multi-echelon inventory models with single sourcing are analyzed separately. In the former case, the goal is the identification of effective inventory control policies. In the latter case, the focus lies on the development of a new multi-echelon approach, which combines the two major frameworks currently available in the literature. Subsequently, both aspects are integrated into a multi-echelon inventory model with multiple sourcing.
Optimal Policies For A Dual Sourcing Inventory Problem With Endogenous Stochastic Leadtimes
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Author : Jing-Sheng Jeannette Song
language : en
Publisher:
Release Date : 2016
Optimal Policies For A Dual Sourcing Inventory Problem With Endogenous Stochastic Leadtimes written by Jing-Sheng Jeannette Song and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
We consider a single-product, two-source inventory system with Poisson demand and backlogging. Inventory can be replenished through a normal supply source, which consists of a two-stage tandem queue with exponential production time at each stage. We can also place an emergency order by skipping the first stage, for a fee. There is no fixed order cost. There are linear order, holding and backorder costs. Through a new approach, we obtain optimal ordering policies for the discounted or long-run average cost, and also characterize near-optimal heuristic policies. The approach consists of four steps. The first step is to establish an equivalent system, in the sense that it has the same optimal policy as the original system. The second step is to construct a tandem queueing system, where costs are charged in accord with the equivalent system's cost structure. The third step derives an optimal control of the service rate at each server so as to minimize the tandem queue's system-wide cost. The fourth and final step is to translate the queue's optimal policy to an optimal policy for the equivalent system and hence the original system.