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Inventory control of raw materials under stochastic and seasonal lead times

Silver, Edward A.
Published in International Journal of Production Economics. 2005, vol. 43, no. 24, p. 5161–5179
Abstract Most inventory modelling has assumed stochastic demands and constant lead times. However, here we consider a problem for which the opposite situation holds; namely, there is a known constant demand rate, but lead times are random variables. Moreover, the probability distributions of the lead times change in a seasonal fashion. Also, shortages of raw materials result in lost sales. The goal of this paper is to propose heuristic methods for minimizing the expected costs in such a situation. This study was motivated by a problem of management of raw material at a sawmill.
Keywords Inventory managementSeasonalityTabu searchSimulation
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SILVER, Edward A., ZUFFEREY, Nicolas. Inventory control of raw materials under stochastic and seasonal lead times. In: International Journal of Production Economics, 2005, vol. 43, n° 24, p. 5161–5179. https://archive-ouverte.unige.ch/unige:26175

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Deposited on : 2013-02-04

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