A Lower Bound Heuristic for Selecting Multi-Item Inventories for a General Job Completion Objective

Abstract

When an inventory of multiple items is used to support the completion of an overall job or mission, commonly used inventory service level measures which are defined in terms of item availability are not appropriate. This paper develops a general model for problems of this type in which item demands are also interdependent. A heuristic is derived for determining stock levels that are guaranteed to satisfy the given inventory system performance objective, but at a slightly higher cost than would be achieved by the true optimum.

Open PDF

Document Details

Document Type
Technical Report
Publication Date
Feb 01, 1988
Accession Number
ADA204655

Entities

People

  • John W. Mamer
  • Stephen A. Smith

Organizations

  • University of California, Los Angeles

Tags

Communities of Interest

  • Materials and Manufacturing Processes

DTIC Thesaurus Topics

  • Accuracy
  • Commonality
  • Control Systems
  • Errors
  • Information Science
  • Inventory
  • Inventory Control
  • Manufacturing
  • Markov Processes
  • Operations Management
  • Optimization
  • Probability
  • Probability Distributions
  • Random Variables
  • Sequences
  • Test And Evaluation
  • Time Intervals

Readers

  • Logistics and Supply Chain Management.
  • Operations Research

Technology Areas

  • AI & ML
  • AI & ML - Bayesian Inference
  • AI & ML - Machine Learning Algorithms