Sponsor:

Invistics Corporation

Research Team:

Manuel D. Rossetti

Universities Involved:

University of Arkansas

Start Date:

05/15/08

End Date:

05/14/10

Summary:

The main goal of this proposed research project is to develop more effective inventory control models for situations involving intermittent highly variable demand and to ensure that planned for target service levels are actually met during operational conditions when using existing inventory models. The research includes developing mathematical procedures for modeling lead-time demand and period lead-time demand for inventory systems with intermittent and highly variable demand situations, identifying and developing inventory policies that are well-suited for intermittent highly variable demand situations, and investigating simulation based algorithms for adjusting selected parameters to hit targeted performance levels. The research resulted in the assessment of current inventory models for intermittent demand situations and new algorithms/models that are better than those currently available, and new methods to improve the application of inventory models in practice so that planned performance is met.
The main goal of this proposed research project is to develop more effective inventory control models for situations involving intermittent highly variable demand and to ensure that planned for target service levels are actually met during operational conditions when using existing inventory models.