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Aligning Aggregate Planning with (s,S) Inventory Model in a Stochastic Demand Environment

Aligning Aggregate Planning with (s,S) Inventory Model in a Stochastic Demand Environment

Shantanu Shankar Bagchi, Rik Paul
Copyright: © 2018 |Volume: 9 |Issue: 1 |Pages: 16
ISSN: 1947-8569|EISSN: 1947-8577|EISBN13: 9781522544180|DOI: 10.4018/IJSDS.2018010103
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MLA

Bagchi, Shantanu Shankar, and Rik Paul. "Aligning Aggregate Planning with (s,S) Inventory Model in a Stochastic Demand Environment." IJSDS vol.9, no.1 2018: pp.29-44. http://doi.org/10.4018/IJSDS.2018010103

APA

Bagchi, S. S. & Paul, R. (2018). Aligning Aggregate Planning with (s,S) Inventory Model in a Stochastic Demand Environment. International Journal of Strategic Decision Sciences (IJSDS), 9(1), 29-44. http://doi.org/10.4018/IJSDS.2018010103

Chicago

Bagchi, Shantanu Shankar, and Rik Paul. "Aligning Aggregate Planning with (s,S) Inventory Model in a Stochastic Demand Environment," International Journal of Strategic Decision Sciences (IJSDS) 9, no.1: 29-44. http://doi.org/10.4018/IJSDS.2018010103

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Abstract

Designing an aggregate plan is essential for firms to improve the efficiency of their inventory management as well as maintaining supplier relationships over a long run. Aggregate plan is primarily a function of demand uncertainty and the inventory policy in place. Firms tend to follow either a periodic review model ( system) or a perpetual model ( system) for managing inventory time to time; the former being more prevalent due to lower inventory monitoring costs associated. The article proposes a mathematical model that incorporates the principles of inventory model in deciding on the key components of an aggregate plan for each period in a multi-period stochastic demand environment for both stationary and non-stationary demand scenarios. The article also provides numerical illustrations to demonstrate the application of the model.

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