Please use this identifier to cite or link to this item: https://doi.org/10.1016/j.ejor.2003.04.010
Title: A dynamic joint replenishment policy with auto-correlated demand
Authors: Lee, L.H. 
Chew, E.P. 
Keywords: Auto-correlated demand
Dynamic inventory policy
Inventory
Joint replenishment
Issue Date: 16-Sep-2005
Source: Lee, L.H., Chew, E.P. (2005-09-16). A dynamic joint replenishment policy with auto-correlated demand. European Journal of Operational Research 165 (3) : 729-747. ScholarBank@NUS Repository. https://doi.org/10.1016/j.ejor.2003.04.010
Abstract: We consider a joint replenishment problem where the product demands are auto-correlated but independent of each other. A dynamic periodic review policy is developed, and its parameters are determined by a heuristic which aims at minimizing the total inventory cost, which includes the holding cost, the set up cost and the shortage cost. The heuristic updates the review interval and the target inventory level of every product at each review point based on the current inventory status and the past demand data. A simulation model is developed to compare the performance of this proposed policy with an existing periodic review policy. The results show that the proposed policy has consistently achieved significant saving in all the different experimental scenarios. © 2004 Elsevier B.V. All rights reserved.
Source Title: European Journal of Operational Research
URI: http://scholarbank.nus.edu.sg/handle/10635/68084
ISSN: 03772217
DOI: 10.1016/j.ejor.2003.04.010
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