Abstract
Abstract This article summarizes the inventory management literature within the context of multiechelon systems. The optimal inventory policies for the single‐installation under discrete‐time and continuous‐time are described, followed by the optimal inventory policies for the serial multiechelon system, with the interpretation of the associated induced penalty cost functions. The assembly system's optimal policy translation to an “equivalent” serial system is demonstrated and discussed. Although the optimal inventory policies of distribution systems are generally not known, the performance of various simple heuristics are then discussed.
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