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Multi-Item Inventory Systems with a Service Objective

Author

Listed:
  • J. Christopher Mitchell

    (Citibank, New York, New York)

Abstract

In this paper, we examine the problem of specifying single-item service objectives in a multi-item inventory system subject to a system wide service level constraint. We develop a computationally efficient algorithm, the Generalized Knapsack Duality (GKD) Algorithm, to find approximately optimal policies for such a system. Our computational experience with inventory systems, typical of many found in the real world, indicates that operating costs can be reduced significantly when this model is used rather than the simpler uniform service model often used in practice.

Suggested Citation

  • J. Christopher Mitchell, 1988. "Multi-Item Inventory Systems with a Service Objective," Operations Research, INFORMS, vol. 36(5), pages 747-755, October.
    • Handle: RePEc:inm:oropre:v:36:y:1988:i:5:p:747-755
    DOI: 10.1287/opre.36.5.747
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    Cited by:

    1. Christiane B. Haubitz & Ulrich W. Thonemann, 2021. "How to Change a Running System—Controlling the Transition to Optimized Spare Parts Inventory Policies," Production and Operations Management, Production and Operations Management Society, vol. 30(5), pages 1386-1405, May.
    2. Hausman, Warren H. & Lee, Hau L. & Zhang, Alex X., 1998. "Joint demand fulfillment probability in a multi-item inventory system with independent order-up-to policies," European Journal of Operational Research, Elsevier, vol. 109(3), pages 646-659, September.
    3. Ulrich W. Thonemann & Alex O. Brown & Warren H. Hausman, 2002. "Easy Quantification of Improved Spare Parts Inventory Policies," Management Science, INFORMS, vol. 48(9), pages 1213-1225, September.
    4. Hill, R.M. & Pakkala, T.P.M., 2007. "Base stock inventory policies for a multi-item demand process," International Journal of Production Economics, Elsevier, vol. 109(1-2), pages 137-148, September.
    5. Alex X. Zhang, 1997. "Demand Fulfillment Rates In An Assembleto‐ Order System With Multiple Products And Dependent Demands," Production and Operations Management, Production and Operations Management Society, vol. 6(3), pages 309-324, September.

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