Header menu link for other important links
X
A comparative study of periodic-review order-up-to (T, S) policy and continuous-review (s, S) policy in a serial supply chain over a finite planning horizon
Published in Springer-Verlag London Ltd
2014
Volume: 9781447153528
   
Pages: 113 - 152
Abstract
In this paper, we consider a serial supply chain (SC) operating with deterministic and known customer demands and costs of review or orders, holding, and backlog at every installation over a finite planning horizon. We present an evaluation of two order policies: Periodic-review order-up-to S policy (i.e., (T, S) policy), and (s, S) policy. We first present a mathematical programming model to determine optimal re-order point and base-stock for every member in the SC. By virtue of the computational complexity associated with the mathematical model, we present genetic algorithms (GAs) to determine the order policy parameters, s and S for every stage. We compare the performances of GAs (for obtaining installation s and S) with the mathematical model for the periodic-review order-up-to (T, S) policy that obtains in its class optimal review periods and order-up-to levels. It is observed that the (s, S) policy emerges to be mostly better than the (T, S) policy. © 2014 Springer-Verlag London. All rights are reserved.
About the journal
JournalData powered by TypesetSupply Chain Strategies, Issues and Models
PublisherData powered by TypesetSpringer-Verlag London Ltd
Open AccessNo
Concepts (12)
  •  related image
    Genetic algorithms
  •  related image
    Inventory control
  •  related image
    Mathematical programming
  •  related image
    Comparative studies
  •  related image
    CONTINUOUS REVIEW
  •  related image
    Customer demands
  •  related image
    FINITE PLANNING HORIZON
  •  related image
    GENETIC ALGORITHM (GAS)
  •  related image
    Inventory management
  •  related image
    MATHEMATICAL PROGRAMMING MODELS
  •  related image
    PERIODIC REVIEW
  •  related image
    Supply chains