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Leadtime Effects and Policy Improvement for Stochastic Inventory Control with Remanufacturing by Karl Inderfurth; Erwin van der Laan is a Business, Management and Accounting article available to read on EtoBox.

What is Leadtime Effects and Policy Improvement for Stochastic Inventory Control with Remanufacturing about?

When returns of goods and remanufacturing options have to be taken into consideration in inventory control situations, two additional sources of complexity appear in the traditional approaches of optimizing stochastic inventory control. Firstly, due to uncertainty of returns, an additional stochastic impact has to be regarded. Secondly, with remanufacturing a second mode of supply of serviceable goods is given, so that coordination with the regular mode of procurement becomes necessary. It can be shown that under these conditions we face extremely complicated optimal control rules if the leadtimes for remanufacturing and regular procurement di!er. This holds for both the structure of the control policy and the inventory information necessary for optimal stock adjustment. In this context, the meaning of the inventory position, which is well-de"ned in traditional inventory control, is no longer evident. In practice, in these situations usually simple (suboptimal) decision rules are applied that only use a few control parameters and additionally do not take into consideration the complexity of de"ning the inventory position appropriately. For such a simple (4-parameter) control rule i

Who reads Leadtime Effects and Policy Improvement for Stochastic Inventory Control with Remanufacturing?

Author

Karl Inderfurth; Erwin van der Laan

Publisher

Elsevier Science; Elsevier ; Elsevier BV (ISSN 0925-5273)

Published

2001

Language

EN

Field

Business, Management and Accounting (Social Sciences)