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Another heuristic for minimizing total average cycle stock subject to practical constraints

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  • Y-C Hsieh

    (National Huwei Institute of Technology)

Abstract

This paper considers the setting of reorder intervals of a population of items for minimizing the total average cycle stock subject to a limit on the total number of replenishments per unit time, and a restricted set of possible intervals. Silver and Moon have investigated the problem with the use of dynamic programming, and they also proposed a heuristic for solving it. This paper presents a new 0-1 linear programming approach to the problem. Based upon the solution of the relaxed 0-1 linear programming formulation, a simple heuristic is proposed to solve the reorder problem. Limited numerical results using realistic test examples indicate that the new heuristic performed very well for each example.

Suggested Citation

  • Y-C Hsieh, 2001. "Another heuristic for minimizing total average cycle stock subject to practical constraints," Journal of the Operational Research Society, Palgrave Macmillan;The OR Society, vol. 52(4), pages 463-470, April.
    • Handle: RePEc:pal:jorsoc:v:52:y:2001:i:4:d:10.1057_palgrave.jors.2601106
    DOI: 10.1057/palgrave.jors.2601106
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