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    Lot sizing and lead time decisions in production/inventory systems

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    Publication type
    Vlerick strategic journal article
    Author
    Noblesse, Ann
    Boute, Robert
    Lambrecht, Marc
    Van Houdt, Benny
    Publication Year
    2014
    Journal
    International Journal of Production Economics
    Publication Volume
    155
    Publication Issue
    September
    Publication Begin page
    351
    Publication End page
    360
    
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    Abstract
    Traditionally, lot sizing decisions in inventory management trade-off the cost of placing orders against the cost of holding inventory. However, when these lot sizes are to be produced in a finite capacity production/inventory system, the lot size has an important impact on the lead times, which in turn determine inventory levels (and costs). In this paper we study the lot sizing decision in a production/inventory setting, where lead times are determined by a queueing model that is linked endogenously to the orders placed by the inventory model. Assuming a continuous review (s, S) inventory policy, we develop a procedure to obtain the distribution of lead times and the distribution of inventory levels, when lead times are endogenously determined by the inventory model. This procedure allows to determine the optimal inventory parameters within the class of (s, S) policies that minimize the expected ordering and inventory related costs over time. We numerically show that ignoring the endogeneity of lead times may lead to inappropriate lot sizing decisions and significantly higher costs. This cost discrepancy is very outspoken if the lot size based on the economic order quantity deviates significantly from desirable production lot sizes. In these cases, the endogenous treatment of lead times is of particular importance.
    Keyword
    Production/inventory System, Lot Sizing, Markov Chain Analysis
    Knowledge Domain/Industry
    Operations & Supply Chain Management
    DOI
    10.1016/j.ijpe.2014.04.027
    URI
    http://hdl.handle.net/20.500.12127/4973
    ae974a485f413a2113503eed53cd6c53
    10.1016/j.ijpe.2014.04.027
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