Analysis of simple inventory control systems with execution errors: Economic impact under correction opportunities

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dc.citation.epage166en_US
dc.citation.issueNumber1en_US
dc.citation.spage153en_US
dc.citation.volumeNumber125en_US
dc.contributor.authorGel, E. S.en_US
dc.contributor.authorErkip, N.en_US
dc.contributor.authorThulaseedas, A.en_US
dc.date.accessioned2015-07-28T11:59:52Z
dc.date.available2015-07-28T11:59:52Z
dc.date.issued2010-06en_US
dc.departmentDepartment of Industrial Engineeringen_US
dc.description.abstractMotivated 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.en_US
dc.identifier.doi10.1016/j.ijpe.2010.01.016en_US
dc.identifier.issn0925-5273
dc.identifier.urihttp://hdl.handle.net/11693/12057
dc.language.isoEnglishen_US
dc.publisherElsevieren_US
dc.relation.isversionofhttp://dx.doi.org/10.1016/j.ijpe.2010.01.016en_US
dc.source.titleInternational Journal of Production Economicsen_US
dc.subjectInventory Controlen_US
dc.subjectSimulationen_US
dc.subjectRfiden_US
dc.subjectInventory Record Inaccuraciesen_US
dc.subjectExecution Errorsen_US
dc.titleAnalysis of simple inventory control systems with execution errors: Economic impact under correction opportunitiesen_US
dc.typeArticleen_US
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