IDEAS home Printed from https://ideas.repec.org/a/wly/navlog/v18y1971i4p451-463.html
   My bibliography  Save this article

Models for multi‐item continuous review inventory policies subject to constraints

Author

Listed:
  • D. A. Schrady
  • U. C. Choe

Abstract

Models are formulated for determining continuous review (Q, r) policies for a multiitem inventory subject to constraints. The objective function is the minimization of total time‐weighted shortages. The constraints apply to inventory investment and reorder workload. The formulations are thus independent of the normal ordering, holding, and shortage costs. Two models are presented, each representing a convex programming problem. Lagrangian techniques are employed with the first, simplified model in which only the reorder points are optimized. In the second model both the reorder points and the reorder quantities are optimized utilizing penalty function methods. An example problem is solved for each model. The final section deals with the implementation of these models in very large inventory systems.

Suggested Citation

  • D. A. Schrady & U. C. Choe, 1971. "Models for multi‐item continuous review inventory policies subject to constraints," Naval Research Logistics Quarterly, John Wiley & Sons, vol. 18(4), pages 451-463, December.
    • Handle: RePEc:wly:navlog:v:18:y:1971:i:4:p:451-463
    DOI: 10.1002/nav.3800180403
    as

    Download full text from publisher

    File URL: https://doi.org/10.1002/nav.3800180403
    Download Restriction: no
    File URL: https://libkey.io/10.1002/nav.3800180403?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. van Donselaar, Karel & Broekmeulen, Rob & de Kok, Ton, 2021. "Heuristics for setting reorder levels in periodic review inventory systems with an aggregate service constraint," International Journal of Production Economics, Elsevier, vol. 237(C).

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:wly:navlog:v:18:y:1971:i:4:p:451-463. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: https://doi.org/10.1002/(ISSN)1931-9193 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.