Performance Evaluation of Stochastic Multi-Echelon Inventory Systems: A Survey
David Simchi-Levi,Yao Zhao +1 more
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TLDR
This paper compares and contrast three generic methods for controlling inventory in general supply networks under uncertainty and shows how to apply them systematically to characterize and evaluate various supply networks with different supply processes, inventory policies, and demand processes.Abstract:
Globalization, product proliferation, and fast product innovation have significantly increased
the complexities of supply chains in many industries. One of the most important advancements
of supply chain management in recent years is the development of models and methodologies
for controlling inventory in general supply networks under uncertainty and their widefspread
applications to industry. These developments are based on three generic methods: the queueing-inventory
method, the lead-time demand method and the flow-unit method. In this paper,
we compare and contrast these methods by discussing their strengths and weaknesses, their
differences and connections, and showing how to apply them systematically to characterize
and evaluate various supply networks with different supply processes, inventory policies, and
demand processes. Our objective is to forge links among research strands on different methods
and various network topologies so as to develop unified methodologies.read more
Citations
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A typology and literature review on stochastic multi-echelon inventory models
TL;DR: The typology is used to classify and review the extensive research of multi-echelon inventory management under uncertain demand and clusters of model assumptions, research goals and applied methodologies are identified.
Journal ArticleDOI
A comprehensive survey of guaranteed-service models for multi-echelon inventory optimization
TL;DR: A comprehensive review of the GSM literature is conducted and classify the literature along three axes: extensions of the original GSM through the relaxation of certain modeling assumptions, solution methods developed for different supply chain structures, and industrial applications and the results obtained on real-world problems.
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References
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Book
Foundations of Inventory Management
TL;DR: In this article, one item with a constant demand rate and time-varying demands is described. But, the model is based on a single item with constant lead times.
Journal ArticleDOI
Optimal Policies for a Multi-Echelon Inventory Problem
Andrew J. Clark,Herbert E. Scarf +1 more
TL;DR: The problem of determining optimal purchasing quantities in a multi-installation model of this type, which arises when there are several installations, is considered.
Journal ArticleDOI
Metric: A Multi-Echelon Technique for Recoverable Item Control
TL;DR: A practical and efficient computer program has been designed to show the cost-effectiveness tradeoff for a large group of recoverable items and can evaluate any distribution of stock and it can compute the optimal redistribution of stock.
Book
Modeling and Analysis of Stochastic Systems
TL;DR: In this paper, the authors define a discrete-time Markov chain to describe the dynamics of a stochastic process, and investigate the effect of different types of discontinuities.