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      • Department of Industrial Engineering
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      Analysis of simple inventory control systems with execution errors: Economic impact under correction opportunities

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      Author(s)
      Gel, E. S.
      Erkip, N.
      Thulaseedas, A.
      Date
      2010-06
      Source Title
      International Journal of Production Economics
      Print ISSN
      0925-5273
      Publisher
      Elsevier
      Volume
      125
      Issue
      1
      Pages
      153 - 166
      Language
      English
      Type
      Article
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      Abstract
      Motivated by recent empirical evidence, we study the economic impact of inventory record inaccuracies that arise due to execution errors. We model a set of probable events regarding the erroneous registering of sales at each demand arrival. We define correction opportunities that can be used to (at least partially) correct inventory records. We analyze a simple inventory control model with execution errors and correction opportunities, and demonstrate that decisions that consider the existence of recording errors and the mechanisms with which they are corrected can be quite complicated and exhibit complex tradeoffs. To evaluate the economic impact of inventory record inaccuracies, we use a simulation model of a (Q,r) inventory control system and evaluate suboptimalities in cost and customer service that arise as a result of untimely triggering of orders due to inventory record inaccuracies. We show that the economic impact of inventory record inaccuracies can be significant, particularly in systems with small order sizes and low reorder levels.
      Keywords
      Inventory Control
      Simulation
      Rfid
      Inventory Record Inaccuracies
      Execution Errors
      Permalink
      http://hdl.handle.net/11693/12057
      Published Version (Please cite this version)
      http://dx.doi.org/10.1016/j.ijpe.2010.01.016
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