An Algorithm for Determining the Best Lower Bound for the Stochastic Joint Replenishment Problem
Operations Research · 2007 · Volume 55 · Issue 5
Abstract
We develop an algorithm for determining the highest among the class of lower bounds proposed by Atkins and Iyogun (1988) for the joint replenishment problem (JRP) with stochastic demands. The proposed algorithm is simple and does not require many more calculations than an existing lower bound based on equalization of expected runout times.
Keywords
inventory/production, stochastic model, joint replenishment, lower bound
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