A fast heuristic for minimising total average cycle stock subject to practical constraints

A fast heuristic for minimising total average cycle stock subject to practical constraints

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Article ID: iaor20001955
Country: United Kingdom
Volume: 50
Issue: 8
Start Page Number: 789
End Page Number: 796
Publication Date: Aug 1999
Journal: Journal of the Operational Research Society
Authors: ,
Keywords: programming: dynamic
Abstract:

We address a problem of setting reorder intervals (time supplies) of a population of items, subject to a restricted set of possible intervals as well as a limit on the total number of replenishments per unit time, both important practical constraints. We provide a dynamic programming formulation for obtaining the optimal solution. In addition, a simple and efficient heuristic algorithm has been developed. Computational experiments show that the performance of the heuristic is excellent based on a set of realistic examples.

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