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An improved decision rule for emergency replenishments

Axsäter, Sven LU (2014) In International Journal of Production Economics 157. p.313-317
Abstract
This paper provides a new decision rule for emergency replenishments in an inventory system. The decision rule is a generalization of a previous decision rule suggested and evaluated in Axsater (2003, 2007). An improvement step is added to this rule and this often means considerably better performance. The decisions are based on complete information about the system state. An advantage with our decision rule is its generality. It is possible to handle batch ordering, compound Poisson demand and emergency replenishments that take time. The decision rule has also a performance guarantee in the sense that emergency replenishments will always lead to lower expected costs. The rule can also be used in connection with lateral transshipments. (C)... (More)
This paper provides a new decision rule for emergency replenishments in an inventory system. The decision rule is a generalization of a previous decision rule suggested and evaluated in Axsater (2003, 2007). An improvement step is added to this rule and this often means considerably better performance. The decisions are based on complete information about the system state. An advantage with our decision rule is its generality. It is possible to handle batch ordering, compound Poisson demand and emergency replenishments that take time. The decision rule has also a performance guarantee in the sense that emergency replenishments will always lead to lower expected costs. The rule can also be used in connection with lateral transshipments. (C) 2014 Elsevier B.V. All rights reserved. (Less)
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author
organization
publishing date
type
Contribution to journal
publication status
published
subject
keywords
Inventory, Stochastic, Emergency replenishments, Lateral transshipments
in
International Journal of Production Economics
volume
157
pages
313 - 317
publisher
Elsevier
external identifiers
  • wos:000345734100032
  • scopus:84894054532
ISSN
0925-5273
DOI
10.1016/j.ijpe.2014.01.021
language
English
LU publication?
yes
id
f753166b-1952-45e8-91bc-86d4743df729 (old id 4965696)
date added to LUP
2015-01-29 13:29:56
date last changed
2017-01-01 05:35:36
@article{f753166b-1952-45e8-91bc-86d4743df729,
  abstract     = {This paper provides a new decision rule for emergency replenishments in an inventory system. The decision rule is a generalization of a previous decision rule suggested and evaluated in Axsater (2003, 2007). An improvement step is added to this rule and this often means considerably better performance. The decisions are based on complete information about the system state. An advantage with our decision rule is its generality. It is possible to handle batch ordering, compound Poisson demand and emergency replenishments that take time. The decision rule has also a performance guarantee in the sense that emergency replenishments will always lead to lower expected costs. The rule can also be used in connection with lateral transshipments. (C) 2014 Elsevier B.V. All rights reserved.},
  author       = {Axsäter, Sven},
  issn         = {0925-5273},
  keyword      = {Inventory,Stochastic,Emergency replenishments,Lateral transshipments},
  language     = {eng},
  pages        = {313--317},
  publisher    = {Elsevier},
  series       = {International Journal of Production Economics},
  title        = {An improved decision rule for emergency replenishments},
  url          = {http://dx.doi.org/10.1016/j.ijpe.2014.01.021},
  volume       = {157},
  year         = {2014},
}