Two new heuristic procedures for the joint replenishment problem

Two new heuristic procedures for the joint replenishment problem

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Article ID: iaor199533
Country: United Kingdom
Volume: 45
Issue: 4
Start Page Number: 463
End Page Number: 471
Publication Date: Apr 1994
Journal: Journal of the Operational Research Society
Authors:
Keywords: heuristics
Abstract:

This paper develops two new efficient heuristic procedures for the joint replenishment problem. Each of the two heuristic procedures generates iteratively a near-optimal replenishment policy starting with ordering frequencies that are derived from the solution to a relaxed version of the joint replenishment problem. Both heuristic procedures are illustrated with an example problem involving five jointly ordered items. Seven more illustrative problems, taken from the joint replenishment problem literature, are also solved to assess the cost performance of the two heuristic procedures. They both provide the global optimal replenishment policies for all the illustrative problems.

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