Joint Ordering and Inspection Policy for a Multi-period Inventory System Subject to Shrinkage Errors
نویسندگان
چکیده
One of the implicit assumptions considered in the majority of investigations performed in the area of inventory management is that the physical flow of products that passes through an inventory system as well as the associated information flow are free from defects, i.e. for a given type of product, the quantity received matches exactly the quantity ordered or there are no errors occurring during the data capture process. In fact, for a majority of investigations, it is implicitly supposed that the level of the available inventory shown by the information system corresponds exactly to the physical quantity available. However, various factors can create a difference between the expected and the effective physical and information flows and perturb the synchronized evolution between these two flows. We consider an infinite horizon, single-stage, single-product periodic-review inventory in which inventory records are inaccurate. We assume that inventory inaccuracies are introduced by shrinkage type errors that occur within the store. We assume that an inspection policy is performed each a finite number of selling cycles. We propose two situations permitting to manage the joint ordering and inspection policy based on the information we have on shrinkage errors. The comparison between the two situations permits us to analyze the impact of shrinkage errors and the value of taking into account the inaccuracy issue when optimizing both the inventory and inspection policies.
منابع مشابه
Queueing Inventory System in a Two-level Supply Chain with One-for-One Ordering Policy
Consider a two-level inventory system consisting of one supplier and one retailer. The retailer faces a Poisson demand with a known rate and applies base stock (one-for-one ordering) policy. That is, his inventory position is set to a pre-determined level, so the demand pattern is transferred exactly to the supplier. The supplier has an inventory system and a service unit with exponentially dis...
متن کاملA Multi-Periodic Multi-Product Inventory Control Problem with Discount: GA Optimization Algorithm
In this article, a finite horizon, multi product and multi period economic order quantity like seasonal items is considered where demand rate is deterministic and known but variable in each period. The order quantities of items come in batch sizes and the end of the period order quantity and, consequently, demand of customers are zero. In addition, storage space is constrained and the problem...
متن کاملOne-for-One Period Policy and its Optimal Solution
In this paper we introduce the optimal solution for a simple and yet practical inventory policy with the important characteristic which eliminates the uncertainty in demand for suppliers. In this new policy which is different from the classical inventory policies, the time interval between any two consecutive orders is fixed and the quantity of each order is one. Assuming the fixed ordering cos...
متن کاملOptimal Manufacturer-Retailer Policies in a Supply Chain with Defective Product and Price Dependent Demand
This study deals with a two-level supply chain consisting of one manufacturer and one retailer. We consider an integrated production inventory system where the manufacturer processes raw materials in order to deliver finished product with imperfect quality to the retailer, where number of defective product has a uniform distribution. The retailer receives product and conducts a 100% inspection....
متن کامل