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Analysis and optimization of a multistage inventory-queue system
Liming Liu1; Xiaoming Liu2; David D. Yao3
2004
Source PublicationMANAGEMENT SCIENCE
ISSN0025-1909
Volume50Issue:3Pages:365-380
Abstract

An important issue in the management of supply chains and manufacturing systems is to control inventory costs at different locations throughout the system while satisfying an end-customer service-level requirement. The challenge involved is to solve a nonlinear constrained optimization problem that captures the key dynamics of a complex production-inventory system. In this paper, we first develop a multistage inventory-queue model and a job-queue decomposition approach that evaluates the performance of serial manufacturing and supply systems with inventory control at every stage. We then present an efficient procedure to minimize the overall inventory in the system while meeting the required service level. Our technique is relatively simple and delivers accurate performance estimates. Furthermore, numerical studies generate certain managerial insights into related design and control issues.

KeywordInventory Queues Decomposition Optimal Inventory Allocation Manufacturing Systems Supply Chains
DOI10.1287/mnsc.1030.0196
Indexed BySSCI
Language英语
WOS Research AreaBusiness & Economics ; Operations Research & Management Science
WOS SubjectManagement ; Operations Research & Management Science
WOS IDWOS:000220334200007
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Citation statistics
Cited Times [WOS]:34   [WOS Record]     [Related Records in WOS]
Document TypeJournal article
CollectionFaculty of Business Administration
DEPARTMENT OF INTEGRATED RESORT AND TOURISM MANAGEMENT
Affiliation1.Department of Industrial Engineering and Engineering Management, Hong Kong University of Science and Technology, Clear Water Bay, Hong Kong, China
2.Faculty of Business Adminstration, University of Macau, Macau, China
3.Department of Industrial Engineering and Operations Research, Columbia University, New York, New York 10027
Recommended Citation
GB/T 7714
Liming Liu,Xiaoming Liu,David D. Yao. Analysis and optimization of a multistage inventory-queue system[J]. MANAGEMENT SCIENCE,2004,50(3):365-380.
APA Liming Liu,Xiaoming Liu,&David D. Yao.(2004).Analysis and optimization of a multistage inventory-queue system.MANAGEMENT SCIENCE,50(3),365-380.
MLA Liming Liu,et al."Analysis and optimization of a multistage inventory-queue system".MANAGEMENT SCIENCE 50.3(2004):365-380.
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