Lost-sales inventory theory: A review |
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Authors: | Marco Bijvank Iris FA Vis |
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Institution: | a Department of Computer Science and Operations Research (DIRO), Université de Montréal, C.P. 6128, Succ. Centre-Ville, Montréal (Québec), Canada H3C 3J7 b Department of Operations, University of Groningen, P.O. Box 800, 9700 AV Groningen, The Netherlands |
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Abstract: | In classic inventory models it is common to assume that excess demand is backordered. However, studies analyzing customer behavior in practice show that most unfulfilled demand is lost or an alternative item/location is looked for in many retail environments. Inventory systems that include this lost-sales characteristic appear to be more difficult to analyze and to solve. Furthermore, lost-sales inventory systems require different replenishment policies to minimize costs compared to backorder systems. In this paper, we classify the models in the literature based on the characteristics of the inventory system and review the proposed replenishment policies. For each classification and type of replenishment policy we discuss the available models and their performance. Furthermore, directions for future research are proposed. |
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Keywords: | Inventory Lost sales Replenishment policies Classification of literature |
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