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The Inventory Problem with Controllable Lead Time and Service Level Mixed Constraints

Qing Wang

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Abstract

Lead time plays an important role in inventory management. This paper deals with the inventory problem with controllable lead time and service level mixed constraints. An algorithm is developed to search inventory policy minimizing the long run average cost subject to service level constraints. At last the algorithm is illustrated with an example. The results indicate that the algorithm can effectively solve the problem better.

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What this paper is about

Lead time plays an important role in inventory management. This paper deals with the inventory problem with controllable lead time and service level mixed constraints. An algorithm is developed to search inventory policy minimizing the long run average cost subject to service level constraints. At last the algorithm is illustrated with an example. The results indicate that the algorithm can effectively solve the problem better.

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Available abstract

Lead time plays an important role in inventory management. This paper deals with the inventory problem with controllable lead time and service level mixed constraints. An algorithm is developed to search inventory policy minimizing the long run average cost subject to service level constraints. At last the algorithm is illustrated with an example. The results indicate that the algorithm can effectively solve the problem better.

Key concepts: Lead time, Lead (geology), Inventory management, Mathematical optimization, Inventory theory, Service level, Operations research, Service (business)

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