Inventory lot-sizing with supplier selection

Authors:
Chuda Basnet;Janny M. Y. Leung
Affiliations:
Department of Management Systems, The University of Waikato, Private Bag 3105, Hamilton, New Zealand;Department of Systems Engineering and Engineering Management, The Chinese University of Hong Kong, Shatin, N.T., Hong Kong
Venue:
Computers and Operations Research
Year:
2005

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Abstract

This paper presents a multi-period inventory lot-sizing scenario, where there are multiple products and multiple suppliers. We consider a situation where the demand of multiple discrete products is known over a planning horizon. Each of these products can be sourced from a set of approved suppliers, a supplier-dependent transaction cost applying for each period in which an order is placed on a supplier. A product-dependent holding cost per period applies for each product in the inventory that is carried across a period in the planning horizon. The decision maker needs to decide what products to order in what quantities with which suppliers in which periods. An enumerative search algorithm and a heuristic are presented to address the problem.