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Selecting the Best Lengths to Stock

Author

Listed:
  • M. L. Wolfson

    (United States Steel Corp. Pittsburgh, Pennsylvania)

Abstract

A compact method has been developed for solving the following frequently occurring inventory problem: Given a list of lengths and either the known or the expected demand for each length (because of storage limitations or manufacturing economies, only a few of these lengths are to be made and stocked). Any required length not in stock will be cut from the next longer length, with an attendant cutting loss. Select that particular set of R lengths that will minimize the cutting losses. The method actually finds the minimum cutting loss for an entire range of R 's. By weighing the cutting loss for each additional stored length against the added manufacturing and storage cost, management can better determine how many and which lengths to stock.

Suggested Citation

  • M. L. Wolfson, 1965. "Selecting the Best Lengths to Stock," Operations Research, INFORMS, vol. 13(4), pages 570-585, August.
    • Handle: RePEc:inm:oropre:v:13:y:1965:i:4:p:570-585
    DOI: 10.1287/opre.13.4.570
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    Cited by:

    1. Holthaus, Oliver, 2003. "On the best number of different standard lengths to stock for one-dimensional assortment problems," International Journal of Production Economics, Elsevier, vol. 83(3), pages 233-246, March.
    2. Lijun Wei & Zhixing Luo, & Roberto Baldacci & Andrew Lim, 2020. "A New Branch-and-Price-and-Cut Algorithm for One-Dimensional Bin-Packing Problems," INFORMS Journal on Computing, INFORMS, vol. 32(2), pages 428-443, April.
    3. Ulrich W. Thonemann & Margaret L. Brandeau, 2000. "Optimal Commonality in Component Design," Operations Research, INFORMS, vol. 48(1), pages 1-19, February.
    4. Pentico, David W., 2008. "The assortment problem: A survey," European Journal of Operational Research, Elsevier, vol. 190(2), pages 295-309, October.
    5. Milind Dawande & Srinagesh Gavirneni & Yinping Mu & Suresh Sethi & Chelliah Sriskandarajah, 2010. "On the Interaction Between Demand Substitution and Production Changeovers," Manufacturing & Service Operations Management, INFORMS, vol. 12(4), pages 682-691, September.

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