Cost optimization in the (S-1,S) lost sales inventory model with multiple demand classes

Authors:
A. A. Kranenburg;G. J. Van Houtum
Affiliations:
Department of Technology Management, Technische Universiteit Eindhoven, Eindhoven, The Netherlands;Department of Technology Management, Technische Universiteit Eindhoven, Eindhoven, The Netherlands
Venue:
Operations Research Letters
Year:
2007

Citing 4
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Abstract

For the (S-1,S) lost sales inventory model with multiple demand classes that have different lost sales penalty cost parameters, three accurate and efficient heuristic algorithms are presented that, at a given base stock level, aim to find optimal values for the critical levels, i.e., values that minimize inventory holding and penalty cost.