What is it about?
We find optimal inventory policies for a stochastic inventory system that has two types of product sharing common hardware platforms. The two types of product are different in that they have different software installed in the hardware. The problem is to determined the optimal way to install these softwares in these products so as to minimize expected total system cost.
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Why is it important?
We provide closed form expression for the optimal inventory policy for the stochastic system in the single period and the finite horizon setting. This is the contribution of the paper to the literature.
Perspectives
The inventory system with two types of products sharing common hardware platform is analogous to a lateral transshipment system, and our results in the paper can be applied to the latter system.
Dr Chee Khian Sim
University of Portsmouth
Read the Original
This page is a summary of: Optimal policies for inventory systems with two types of product sharing common hardware platforms: Single period and finite horizon, European Journal of Operational Research, January 2013, Elsevier,
DOI: 10.1016/j.ejor.2012.07.038.
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