Study on the (s, S) Policy for the Manufacturing Enterprises Inventory Management

Jian Yang; Can Rong Zhang

doi:10.4028/www.scientific.net/AMR.926-930.3978

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HomeAdvanced Materials ResearchAdvanced Materials Research Vols. 926-930Study on the (s, S) Policy for the Manufacturing...

Study on the (s, S) Policy for the Manufacturing Enterprises Inventory Management

Abstract:

Using the inventory management in a manufacturing enterprise as the application background, this paper mainly studies on the optimal inventory policy for a part. The planning cycle of this problem is limited, and the demand in each planning cycle follows a discrete distribution. The objective is to minimize the inventory cost, namely, the total of transportation cost, inventory holding cost and penalty cost. Based on (s, S) policy, this paper puts forward two different inventory policies for the problem, and establishes two dynamic programming models accordingly. The numerical examples show that the optimal inventory policy significantly reduces the inventory cost.

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Periodical:

Advanced Materials Research (Volumes 926-930)

Pages:

3978-3983

DOI:

https://doi.org/10.4028/www.scientific.net/AMR.926-930.3978

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Online since:

May 2014

Authors:

Jian Yang, Can Rong Zhang*

Keywords:

(s, S) Policy, Dynamic Programming, Inventory Cost

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* - Corresponding Author

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