Development of a hybrid backlog-lost sales inventory control policy | |
| Author | Nattapong Akkhanit |
| Call Number | AIT Thesis no.ISE-09-01 |
| Subject(s) | Inventory control--Mathematical models Economic lost size--Mathematical models |
| Note | A thesis submitted in partial fulfillment of the requirements for the degree of Master of Engineering in Industrial and Manufacturing Engineering, School of Engineering and Technology |
| Publisher | Asian Institute of Technology |
| Series Statement | Thesis ; no. ISE-09-01 |
| Abstract | A mathematical model for a hybrid backlog-lost sales inventory control policy in the case of normally distributed demand has been developed in this research. The model is based on inventory and probability theories and aimed to provide the minimized total inventory cost from optimal solutions which are reorder point, order quantity, and decision variable,τ , that will be used as a criterion to select backlog or lost sales policy. Numerical experiment and sensitivity analysis with respect to demand rate, lead time, and shortage cost per unit for lost sales cycle have been conducted for illustrating the applicability of the model and discovering behavior of the model. The results show that demand rate and lead time are vital to the responses of the model rather than the shortage cost. Moreover, since the normal distribution is the backbone of statistics that often provides a reasonable approximation to the data, some distributions, such as binomial distribution and Poisson distribution which can be approximated by the normal distribution are applicable for the model as well. |
| Year | 2009 |
| Corresponding Series Added Entry | Asian Institute of Technology. Thesis ; no. ISE-09-01 |
| Type | Thesis |
| School | School of Engineering and Technology (SET) |
| Department | Department of Industrial Systems Engineering (DISE) |
| Academic Program/FoS | Industrial Systems Engineering (ISE) |
| Chairperson(s) | Huynh Trung Luong |
| Examination Committee(s) | Voratas Kachitvichyanukul;Pisut Koomsap |
| Scholarship Donor(s) | RTG Fellowship |
| Degree | Thesis (M.Eng.) - Asian Institute of Technology, 2009 |