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Risk and Safety Stock Management in Production Planning and Inventory Control with Stochastic Demand and Yield

In: Perspectives on Operations Research

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  • Karl Inderfurth

    (Otto-von-Guericke-Universität)

Abstract

Production planning and inventory control is facing challenging risk management problems if it is confronted with uncertainties from both the demand and the process side. By analyzing the respective planning problems with methods of stochastic inventory control it is possible to gain remarkably deep insights into the way how optimal reorder and safety stock management responds to joint demand and yield risks. These insights can be exploited to assess and improve the simple type of risk management rules employed in MRP systems to cope with uncertainties in demand and production yield.

Suggested Citation

  • Karl Inderfurth, 2006. "Risk and Safety Stock Management in Production Planning and Inventory Control with Stochastic Demand and Yield," Springer Books, in: Martin Morlock & Christoph Schwindt & Norbert Trautmann & Jürgen Zimmermann (ed.), Perspectives on Operations Research, pages 277-292, Springer.
    • Handle: RePEc:spr:sprchp:978-3-8350-9064-4_16
    DOI: 10.1007/978-3-8350-9064-4_16
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    Cited by:

    1. Inderfurth, Karl, 2009. "How to protect against demand and yield risks in MRP systems," International Journal of Production Economics, Elsevier, vol. 121(2), pages 474-481, October.

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