Stochastic inventory control: A literature review

Xiyuan Ma; Roberto Rossi; Thomas Archibald

doi:10.1016/j.ifacol.2019.11.410

Stochastic inventory control: A literature review

Xiyuan Ma, Roberto Rossi, Thomas Archibald

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution

Abstract

The aim of stochastic inventory control is to determine the timing of issuing replenishment order and the corresponding order quantity subject to uncertainty of demand and/or other system parameters. In this literature survey we focus on the single-item single stocking location stochastic inventory control problem. More specically, we survey exact and heuristic models under stationary and non-stationary demand according to uncertainty strategies proposed by Bookbinder and Tan (1988).

Original language	English
Title of host publication	Proceedings of the 9th IFAC INFORMS Conference
Subtitle of host publication	Manufacturing Modelling, Management and Control - MIM 2019
Pages	1490-1495
DOIs	https://doi.org/10.1016/j.ifacol.2019.11.410
Publication status	E-pub ahead of print - 25 Dec 2019

Publication series

Name	IFAC-PapersOnLine
Publisher	Elsevier
Number	13
Volume	52
ISSN (Print)	2405-8963

Keywords / Materials (for Non-textual outputs)

inventory control
stochastic lot sizing
static uncertainty
dynamic uncertainty
static-dynamic uncertainty

Access to Document

10.1016/j.ifacol.2019.11.410

MaEtal2019StochasticInventroyControlALiteratureReviewAccepted author manuscript, 900 KBLicence: Creative Commons: Attribution-NonCommercial-NoDerivatives (CC BY-NC-ND)

1 Article

Approximations for non-stationary stochastic lot-sizing under (s,Q)-type policy
Ma, X., Rossi, R. & Archibald, T. W., 16 Apr 2022, In: European Journal of Operational Research. 298, 2, p. 573-584 12 p.
Research output: Contribution to journal › Article › peer-review

Open Access
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Cite this

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AB - The aim of stochastic inventory control is to determine the timing of issuing replenishment order and the corresponding order quantity subject to uncertainty of demand and/or other system parameters. In this literature survey we focus on the single-item single stocking location stochastic inventory control problem. More specically, we survey exact and heuristic models under stationary and non-stationary demand according to uncertainty strategies proposed by Bookbinder and Tan (1988).

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KW - dynamic uncertainty

KW - static-dynamic uncertainty

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Stochastic inventory control: A literature review

Abstract

Publication series

Keywords / Materials (for Non-textual outputs)

Access to Document

Fingerprint

Research output

Approximations for non-stationary stochastic lot-sizing under (s,Q)-type policy

Cite this