Dynamic re-order point inventory control with lead-time uncertainty: Analysis and empirical investigation

Babaï, M. Z., Syntetos, Argyrios ORCID: https://orcid.org/0000-0003-4639-0756, Dallery, Y. and Nikolopoulos, K. 2009. Dynamic re-order point inventory control with lead-time uncertainty: Analysis and empirical investigation. International Journal of Production Research 47 (9) , pp. 2461-2483. 10.1080/00207540701666824

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Abstract

A new forecast-based dynamic inventory control approach is discussed in this paper. In this approach, forecasts and forecast uncertainties are assumed to be exogenous data known in advance at each period over a fixed horizon. The control parameters are derived by using a sequential procedure. The merits of this approach as compared to the classical one are presented. We focus on a single-stage and single-item inventory system with non-stationary demand and lead-time uncertainty. A dynamic re-order point control policy is analysed based on the new approach and its parameters are determined for a given target cycle service level (CSL). The performance of this policy is assessed by means of empirical experimentation on a large demand data set from the pharmaceutical industry. The empirical results demonstrate the benefits arising from using such a policy and allow insights to be gained into other pertinent managerial issues.

Item Type:	Article
Date Type:	Publication
Status:	Published
Schools:	Schools > Business (Including Economics)
Subjects:	H Social Sciences > HD Industries. Land use. Labor
Uncontrolled Keywords:	stock control, forecasting, lead-time demand, simulation, empirical analysis
Publisher:	Taylor & Francis
ISSN:	0020-7543
Last Modified:	21 Oct 2022 11:00
URI:	https://orca.cardiff.ac.uk/id/eprint/42068

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