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Comparison of Stochastic- and Guaranteed-Service Approaches to Safety Stock Optimization in Supply Chains

In: Operations Research Proceedings 2006

Author

Listed:
  • Steffen Klosterhalfen

    (University of Mannheim, Schloss)

  • Stefan Minner

    (University of Mannheim, Schloss)

Abstract

Contributions to multi-echelon safety stock optimization can be classified as being either of the stochastic- or guaranteed-service framework. Though both approaches have been used in inventory theory for a long time, there is still a lack of a detailed comparison. In this paper, such a comparison is presented. Differences in the materials flow are outlined and insights into the performance of both approaches are gained from a simulation study.

Suggested Citation

  • Steffen Klosterhalfen & Stefan Minner, 2007. "Comparison of Stochastic- and Guaranteed-Service Approaches to Safety Stock Optimization in Supply Chains," Operations Research Proceedings, in: Karl-Heinz Waldmann & Ulrike M. Stocker (ed.), Operations Research Proceedings 2006, pages 485-490, Springer.
    • Handle: RePEc:spr:oprchp:978-3-540-69995-8_77
    DOI: 10.1007/978-3-540-69995-8_77
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    Cited by:

    1. de Kok, Ton & Grob, Christopher & Laumanns, Marco & Minner, Stefan & Rambau, Jörg & Schade, Konrad, 2018. "A typology and literature review on stochastic multi-echelon inventory models," European Journal of Operational Research, Elsevier, vol. 269(3), pages 955-983.

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