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A Simple Algorithm For The Basic(R, Q)Inventory Control Model With Return Flow

Author

Listed:
  • HUIQING OUYANG

    (School of Mechanical Engineering, Shanghai Jiao Tong University, Shanghai, 200240, P. R. China)

  • XIANGYANG ZHU

    (School of Mechanical Engineering, Shanghai Jiao Tong University, Shanghai, 200240, P. R. China)

Abstract

In recent years, as a result of environmental legislation and an increasing interest in economics, many producers have been forced to implement the PTB (Products Tack Back) program. In this paper, we employ the basic(R, Q)model to control a single-item single-echelon inventory system with return flow. Based on the assumption that the return and the demand are independent Poisson processes, we derive a simple approximate algorithm to determine the optimal control parameters. The numerical examples show that the presented algorithm is more tractable than the exact algorithm and more accurate than other approximate algorithms, such as normal approximation.

Suggested Citation

  • Huiqing Ouyang & Xiangyang Zhu, 2009. "A Simple Algorithm For The Basic(R, Q)Inventory Control Model With Return Flow," Asia-Pacific Journal of Operational Research (APJOR), World Scientific Publishing Co. Pte. Ltd., vol. 26(03), pages 383-398.
    • Handle: RePEc:wsi:apjorx:v:26:y:2009:i:03:n:s0217595909002262
    DOI: 10.1142/S0217595909002262
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    References listed on IDEAS

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    1. Antonio Caparrós Ruiz & Mª. Lucía Navarro Gómez, 2002. "Factors affecting quits and layoffs in Spain," Economic Working Papers at Centro de Estudios Andaluces E2002/16, Centro de Estudios Andaluces.
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    Cited by:

    1. Shih-Hsien Tseng & Jia-Chen Yu, 2019. "Data-Driven Iron and Steel Inventory Control Policies," Mathematics, MDPI, vol. 7(8), pages 1-15, August.

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