An algorithm for determining the best lower bound for the stochastic joint replenishment problem

An algorithm for determining the best lower bound for the stochastic joint replenishment problem

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Article ID: iaor20082880
Country: United States
Volume: 55
Issue: 5
Start Page Number: 992
End Page Number: 996
Publication Date: Sep 2007
Journal: Operations Research
Authors:
Abstract:

We develop an algorithm for determining the highest among the class of lower bounds proposed by Atkins and Iyogun for the joint replenishment problem (JRP) with stochastic demands. The proposed algorithm is simple and does not require many more calculations than an existing lower bound based on equalization of expected runout times.

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