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| Tekijä: | Schouter, F. A. v. d. D. Eijs, M. J. G. Heuts, R. M. J. |
| Otsikko: | The value of supplier information to improve management of retailer's inventory |
| Lehti: | Decision Sciences
1994 : VOL. 25;1, p. 1-14 |
| Asiasana: | INVENTORY CONTROL DECISION ANALYSIS OPERATIONS MANAGEMENT PRODUCTION MANAGEMENT |
| Kieli: | eng |
| Tiivistelmä: | This paper deals with the situation where a supplier, who produces on order in fixed production cycles, provides information on the status of the coming production run. The retailer can use this information to gain insight into the lead-time process. A fixed order (s, Q) strategy is presented with a set of reorder points s, depending on the time t until the first possible delivery, which is determined by the information of the supplier. A Markow model that analyzes a given (s Q) strategy is used to quantify the value of the information provided by the supplier. Some numerical examples show that the approach may lead to considerable cost savings compared to the traditional approach that uses only one single reorder point, based on a two-moment approximation. |
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