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: | Silver E.A., Moon I. |
Keywords: | programming: dynamic |
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.