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A characterization of optimal base-stock levels for a multistage serial supply chain
Linnaeus University, School of Business and Economics, Department of Management Accounting and Logistics. Lund University. (Supply Chain Studies)
University of Navarra, Spain.
2016 (English)In: Naval Research Logistics, ISSN 0894-069X, E-ISSN 1520-6750, Vol. 63, no 1, 32-46 p.Article in journal (Refereed) Published
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Abstract [en]

In this article, we present a multistage model to optimize inventory control decisions under stochastic demand and continuous review. We first formulate the general problem for continuous stages and use a decomposition solution approach: since it is never optimal to let orders cross, the general problem can be broken into a set of single-unit subproblems that can be solved in a sequential fashion. These subproblems are optimal control problems for which a differential equation must be solved. This can be done easily by recursively identifying coefficients and performing a line search. The methodology is then extended to a discrete number of stages and allows us to compute the optimal solution in an efficient manner, with a competitive complexity. (c) 2016 Wiley Periodicals, Inc. Naval Research Logistics 63: 32-46, 2016

Place, publisher, year, edition, pages
2016. Vol. 63, no 1, 32-46 p.
Keyword [en]
unit decomposition, multi-echelon, inventory
National Category
Transport Systems and Logistics
Research subject
Economy, Logistics
Identifiers
URN: urn:nbn:se:lnu:diva-52225DOI: 10.1002/nav.21675ISI: 000373074400003OAI: oai:DiVA.org:lnu-52225DiVA: diva2:922804
Available from: 2016-04-25 Created: 2016-04-25 Last updated: 2016-09-26Bibliographically approved

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CiteExportLink to record
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Citation style
  • apa
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  • de-DE
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  • nn-NO
  • nn-NB
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  • Other locale
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