Non-Stationary Ordering Policies for Multi-Item Inventory Systems Subject to a Single Resource Constraint |
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Authors: | Faruk Güder James Zydiak Sohail Chaudhry |
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Institution: | 1.Loyola University,Chicago,USA;2.Villanova University,USA |
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Abstract: | This paper studies the multi-item inventory problem with a single constraint. Two well-known approaches to this problem are the Lagrangian method and the fixed-cycle approach. Both of these methods generate stationary ordering policies. A competing approach is presented here that generates non-stationary ordering policies, with order quantities that vary over time. These non-stationary policies are, in all cases, preferred to those generated by the Lagrangian approach, and in some cases preferred to those generated by the fixed-cycle approach. Computational results comparing the three methods are also given. |
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