Universität zu Köln

Dettenbach, Marcus and Thonemann, Ulrich ORCID: 0000-0002-3507-9498 (2015). The value of real time yield information in multi-stage inventory systems - Exact and heuristic approaches. Eur. J. Oper. Res., 240 (1). S. 72 - 84. AMSTERDAM: ELSEVIER. ISSN 1872-6860

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Abstract

We consider a random yield inventory system, where a company has access to real time information about the actual yield realizations. To contribute to a better understanding of the value of this information, we develop a mathematical model of the inventory system and derive structural properties. We build on these properties to develop an optimal solution approach that can be used to solve small to medium sized problems. To solve large problems, we develop two heuristics. We conduct numerical experiments to test the performances of our approaches and to identify conditions under which real time yield information is particularly beneficial. Our research provides the approaches that are necessary to implement inventory control policies that utilize real time yield information. The results can also be used to estimate the cost savings that can be achieved by using real time yield information. The cost savings can then be compared against the required investments to decide if such an investment is profitable. (C) 2014 Elsevier B.V. All rights reserved.

Item Type:	Journal Article
Creators:	Creators Email ORCID ORCID Put Code Dettenbach, Marcus UNSPECIFIED UNSPECIFIED UNSPECIFIED Thonemann, Ulrich UNSPECIFIED orcid.org/0000-0002-3507-9498 UNSPECIFIED
URN:	urn:nbn:de:hbz:38-419894
DOI:	10.1016/j.ejor.2014.06.028
Journal or Publication Title:	Eur. J. Oper. Res.
Volume:	240
Number:	1
Page Range:	S. 72 - 84
Date:	2015
Publisher:	ELSEVIER
Place of Publication:	AMSTERDAM
ISSN:	1872-6860
Language:	English
Faculty:	Faculty of Management, Economy and Social Sciences
Divisions:	Center of Excellence C-SEB
Subjects:	Economics
Uncontrolled Keywords:	Keywords Language MYOPIC HEURISTICS; RFID TECHNOLOGY; S POLICIES; DEMAND Multiple languages Management; Operations Research & Management Science Multiple languages
Refereed:	Yes
URI:	http://kups.ub.uni-koeln.de/id/eprint/41989