A note on optimal policies for a periodic inventory system with emergency orders

A note on optimal policies for a periodic inventory system with emergency orders

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Article ID: iaor20012162
Country: United Kingdom
Volume: 28
Issue: 2
Start Page Number: 93
End Page Number: 103
Publication Date: Feb 2001
Journal: Computers and Operations Research
Authors:
Keywords: programming: dynamic
Abstract:

In this article, we develop a dynamic programming model for a periodic review inventory system in which emergency orders can be placed at the start of each period, while regular orders are placed at the beginning of an order cycle (which consists of a number of periods). We assume that the regular and emergency supply lead times differ by one period. We devise a simple algorithm of computing the optimal policy parameters. Thus, the ordering policy developed is easy to implement.

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