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Comparative modelling of multi-stage production-inventory control policies with lot sizing
We propose a unified modelling framework, based on a queuing network representation, for describing, comparing and contrasting classical and new multi-stage production-inventory control policies with lot sizing. The classical ...
Minimizing WIP inventory in reliable production lines
This work deals with the well-known buffer allocation problem in short reliable production lines. The objective is to find the optimal buffer allocation (OBA) that minimizes the average work-in-process (WIP) inventory, ...
Backorder penalty cost coefficient "b": What could it be?
The classical economic order quantity (EOQ) model with planned penalized backorders (PB) relies on postulating a value for the backorder penalty cost coefficient, b, which is supposed to reflect the intangible adverse ...
Tradeoffs between base stock levels, numbers of kanbans, and planned supply lead times in production/inventory systems with advance demand information
We numerically investigate tradeoffs between near-optimal base stock levels, numbers of kanbans, and planned supply lead times in base stock policies and hybrid base stock/kanban policies with advance demand information ...