Track: Inventory Control

Abstract

The joint replenishment models usually use one type of inventory policy with several different parameters to handle several items. However, different demand patterns of each product can make the use of all previous methods lead to unsatisfying performance. This study brings a joint replenishment procedure that accommodates more than one single-item inventory policy to give more flexibility. This study fills this gap by developing a methodology that consists of: proposed a general joint replenishment problem (JRP) models, potential order estimation procedures that bridge various single item inventory policies to the JRP model, implementation procedure, and simulation models for comparisons. Comparisons to the adaptive JRP considering non-stationary demand patterns prove the advantages of the proposed procedure. Finally, a sensitivity analysis gives some managerial insights.