Minimum-cost multi-item coordinated ordering models with dependent set up cost Public Deposited

http://ir.library.oregonstate.edu/concern/graduate_thesis_or_dissertations/2j62s863z

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  • In this paper, we discuss extensions of two coordinated ordering methods which reduce inventory costs for multi-item systems. Goyal's method, which is useful for constant demand, decreases cost by assigning an order interval for each item, and an optimum number of purchase orders per period. Goyal's method is modified to obtain minimum cost under the practical constraint that number of orders per period is given. Also, it is shown that items with longer optimum independent order intervals must have longer or equal order intervals in coordinated ordering method in order to minimize cost. A can order policy is appropriate for minimizing inventory cost of stochastic demand models. Maher's approximate method for obtaining parameter values (s, c, S) is improved by obtaining the order-up- to level (5) using Goyal's method. Appropriate ordering methods are recommended for different joint ordering cost ratios and variation of demand, by using simulation results. It was found that inventory problems with larger relative fixed ordering costs suggest the coordinated ordering methods in preference to the independent ordering one.
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