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Control Policies for Multi-echelon Inventory Systems with Stochastic Demand

In: Supply Chain Coordination under Uncertainty

Author

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  • Qinan Wang

    (Nanyang Technological University)

Abstract

Although supply chain management has become an important management paradigm, the optimal control of a stochastic multi-echelon supply chain inventory system is still largely an open issue. An inventory control policy for such a system has to consider at least three aspects: order coordination, information sharing, and stock or risk pooling. Each aspect can generate significant benefits. Nevertheless, an inventory control policy that can fully optimize system performance on all dimensions, even if it exists, would be very difficult to determine. In this paper, we provide a literature review of inventory control policies for multi-echelon supply chain systems with uncertain demand. We first review generic policies developed by extending the basic inventory control policies at a single location. Subsequently, we discuss the themes of coordinated replenishment and information sharing for multi-echelon inventory systems and review the relevant literature. This framework highlights the key factors that drive the performance of multi-echelon inventory systems and shed lights on directions of future research in this area.

Suggested Citation

  • Qinan Wang, 2011. "Control Policies for Multi-echelon Inventory Systems with Stochastic Demand," International Handbooks on Information Systems, in: Tsan-Ming Choi & T.C. Edwin Cheng (ed.), Supply Chain Coordination under Uncertainty, pages 83-108, Springer.
    • Handle: RePEc:spr:ihichp:978-3-642-19257-9_4
    DOI: 10.1007/978-3-642-19257-9_4
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    Citations

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    Cited by:

    1. Qinan Wang & Sven Axsäter, 2013. "Fixed‐interval joint‐replenishment policies for distribution systems with multiple retailers and stochastic demand," Naval Research Logistics (NRL), John Wiley & Sons, vol. 60(8), pages 637-651, December.
    2. Wang, Qinan & Wan, Guangyu, 2023. "Fixed-interval order-up-to policies and myopic optimal warehouse stock allocation for one-warehouse multiple-retailer systems," European Journal of Operational Research, Elsevier, vol. 309(3), pages 1112-1124.
    3. Eruguz, Ayse Sena & Sahin, Evren & Jemai, Zied & Dallery, Yves, 2016. "A comprehensive survey of guaranteed-service models for multi-echelon inventory optimization," International Journal of Production Economics, Elsevier, vol. 172(C), pages 110-125.
    4. Sagawa, Juliana Keiko & Nagano, Marcelo Seido & Speranza Neto, Mauro, 2017. "A closed-loop model of a multi-station and multi-product manufacturing system using bond graphs and hybrid controllers," European Journal of Operational Research, Elsevier, vol. 258(2), pages 677-691.
    5. Wang, Qinan, 2013. "A periodic-review inventory control policy for a two-level supply chain with multiple retailers and stochastic demand," European Journal of Operational Research, Elsevier, vol. 230(1), pages 53-62.

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