An optimization of \((Q, r)\) inventory policy based on health care apparel products with compound Poisson demands
type: Item
instance of: scholarly article
title: An optimization of \((Q, r)\) inventory policy based on health care apparel products with compound Poisson demands
zbMATH Open document ID: 1407.90031
DOI: 10.1155/2014/986498
author: An Pan
author: Chi-Leung Hui
author: Frency Ng
published in: Mathematical Problems in Engineering
publication date: 2019-02-08T00:00:00Z
review text: Summary: Addressing the problems of a health care center which produces tailor-made clothes for specific people, the paper proposes a single product continuous review model and establishes an optimal policy for the center based on \((Q, r)\) control policy to minimize expected average cost on an order cycle. A generic mathematical model to compute cost on real-time inventory level is developed to generate optimal order quantity under stochastic stock variation. The customer demands are described as compound Poisson process. Comparisons on cost between optimization method and experience-based decision on \(Q\) are made through numerical studies conducted for the inventory system of the center.
Mathematics Subject Classification ID: 90B05
zbMATH DE Number: 7017790
Wikidata QID: Q59071448
MaRDI profile type: Publication
full work available at URL: https://doi.org/10.1155/2014/986498
OpenAlex ID: W2120318359
cites work: Q5343971
cites work: An Efficient Algorithm for Computing an Optimal (r, Q) Policy in Continuous Review Stochastic Inventory Systems
cites work: Exact evaluation of \((R,Q)\)-policies for two-level inventory systems with Poisson demand
cites work: Convenient expressions for computing the exact annual cost of a continuous-review (Q,R) system with backordering
cites work: On Properties of Stochastic Inventory Systems
cites work: Managing Capacity and Inventory Jointly in Manufacturing Systems
cites work: Optimal Policies for a Capacitated Two-Echelon Inventory System
cites work: Inventory Control with Limited Capacity and Advance Demand Information
cites work: Asymptotically Optimal Control for an Assemble-to-Order System with Capacitated Component Production and Fixed Transport Costs
cites work: The newsstand problem: A capacitated multiple-product single-period inventory problem
cites work: Q5332977
cites work: Inventory Control in a Fluctuating Demand Environment
cites work: Inventory models with continuous, stochastic demands
cites work: Joint replenishment inventory control: Deterministic and stochastic models
cites work: Effective and simple EOQ-like solutions for stochastic demand periodic review systems
cites work: Modelling and computing \((R^{n}, S^{n})\) policies for inventory systems with non-stationary stochastic demand
cites work: Integrated inventory and inspection policies for stochastic demand
cites work: The Effect of Lead Time and Demand Uncertainties in (r, q) Inventory Systems
cites work: Analysis of the (Q, r) Inventory Model for Perishables with Positive Lead Times and Lost Sales
cites work: Exact and Approximate Evaluation of Batch-Ordering Policies for Two-Level Inventory Systems
cites work: Evaluation of installation stock based \((R,Q)\)-policies for two-level inventory systems with Poisson demand
cites work: Exact Analysis of Continuous Review (R,Q) Policies in Two-Echelon Inventory Systems with Compound Poisson Demand
cites work: Tractable (Q, R) Heuristic Models for Constrained Service Levels
cites work: New bounds and heuristics for \((Q,r)\) policies
cites work: A Continous-Review (s, S) Inventory System with Arbitrary Interarrival Distribution between Unit Demand
description: scientific article; zbMATH DE number 7017790