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An Algorithm for Determining the Best Lower Bound for the Stochastic Joint Replenishment Problem

Nanyang Business School, Nanyang Technological University, Singapore 639798
vish{at}pmail.ntu.edu.sg

We develop an algorithm for determining the highest among the class of lower bounds proposed by Atkins and Iyogun (1988) for the joint replenishment problem (JRP) with stochastic demands. The proposed algorithm is simple and does not require many more calculations than an existing lower bound based on equalization of expected runout times.

Subject classifications: inventory/production; stochastic model; joint replenishment; lower bound.
History: Received October 2004; revision received August 2006; accepted August 2006.