E. van der Sluijs
- A different approach to the Joint Replenishment Problem
- Number of pages
- Amsterdam: Faculty of Economics and Econometrics
- Volume | Edition (Serie)
- Document type
- Working paper
- Faculty of Economics and Business (FEB)
- Amsterdam School of Economics Research Institute (ASE-RI)
In this paper, a heuristic method is presented which gives a novel approach in solving joint replenishment problems. Our heuristics is from the beginning a basic spreadsheet model that solves the JRP in an iterative procedure. The principle of the recursion procedure is to find a balance between the replenishment- and inventory holding cost for the different items by adjusting the replenishment frequencies. The heuristic is also tested according to an extensive test template, with a great amount and variety of problems. The method shows pleasing results concerning the closeness to optimality and performs well in comparison with many other heuristics.
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