An iterative approach to item‐level tactical production and inventory planning

An iterative approach to item‐level tactical production and inventory planning

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Article ID: iaor20116567
Volume: 133
Issue: 1
Start Page Number: 439
End Page Number: 450
Publication Date: Sep 2011
Journal: International Journal of Production Economics
Authors: , ,
Keywords: planning
Abstract:

In this paper, we propose an iterative approach to jointly solve the problems of tactical safety stock placement and tactical production planning. These problems have traditionally been solved in isolation, even though both problems operate in the same decision making space and the outputs of one naturally serve as the inputs to the other. For simple supply chain network structures, two stages and one or many products, we provide sufficient conditions to guarantee the iteration algorithm’s termination. Through examples, we show how the algorithm works and prove its applicability on a realistic industrial‐scale problem.

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