Non-stationary ordering policies for multi-item inventory systems subject to a single resource constraint and quantity discounts

Non-stationary ordering policies for multi-item inventory systems subject to a single resource constraint and quantity discounts

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Article ID: iaor19972245
Country: United Kingdom
Volume: 24
Issue: 1
Start Page Number: 61
End Page Number: 71
Publication Date: Jan 1997
Journal: Computers and Operations Research
Authors: ,
Keywords: heuristics
Abstract:

The multi-item inventory problem wth a single resource constraint and quantity discounts is studied in this paper. Known solution approaches to this problem, both heuristic and enumerative, assume that ordering policies are stationary. A new heuristic approach is presented here for generating non-stationary ordering policies, with order quantities that can vary over time. Computational results for comparing these methods are given. The non-stationary approach is shown in these experiments to outperform heuristic stationary approaches, and an enumerative stationary approach when the non-stationary approach is suitably initialized.

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