Simulation based comparison of safety-stock calculation methods

Schmidt, Matthias; Hartmann, Wiebke; Nyhuis, Peter

doi:10.1016/j.cirp.2012.03.054

Cited by 26 publications

(10 citation statements)

References 7 publications

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“…This section recalls standard stochastic approaches for dimensioning safety stocks, based on normally distributed parameters, which embody some of the aforementioned factors. For a comprehensive knowledge on this topic, the reader is referred to the fundamental texts of [16] , [17] , [18] , [19] , [20] and to the review of [15] .…”

Section: Traditional Dimensioning Safety Stock Strategiesmentioning

confidence: 99%

“…Later, Schmidt et al. [15] compiled several stochastic approaches currently used for dimensioning safety stocks, and conducted a set of controlled simulation studies in order to assess the performance of the proposed methods in terms of the variance of demand and replenishment lead time. Of note, the need for dynamic approaches to compute safety stocks is underscored by the authors.…”

Section: Introductionmentioning

confidence: 99%

“…However, upon searching the literature related to the use of OR models and methods to tackle the safety stock dimensioning problem, we found that there is a lack of studies providing a replicable and structured process of gathering around all the relevant scientific works on this topic in an objective way. Thus, motivated by the alleged difficulty [15] regarding the survey of dimensioning safety stock works, perhaps due to their wide application in the SCRM field, this paper presents a systematic literature review (SLR), from 1977 to 2019, of OR-based approaches for dimensioning safety stocks. The contribution of our research is threefold.…”

Section: Introductionmentioning

confidence: 99%

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Operations research models and methods for safety stock determination: A review

Gonçalves

Carvalho

Cortez

2020

Operations Research Perspectives

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Highlights A review on operations research (OR) models and methods for safety stock determination is conducted. No work has yet systematized research focusing on the safety stock determination problem. Articles are classified and discussed regarding the modeling approach, industrial application, solution technique and main performance criteria used. Research opportunities, promising research directions and trends are identified.

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Section: Traditional Dimensioning Safety Stock Strategiesmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

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Operations research models and methods for safety stock determination: A review

Gonçalves

Carvalho

Cortez

2020

Operations Research Perspectives

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“…In this realm, various authors focused on inventory-oriented models to define order policies for empty containers and stock levels for empty containers at ports [3-5, 10, 11]. These studies adapt classic inventory management models which can be found in standard work by Silver et al [12], or, in a more recent review by Schmidt et al [13].…”

Section: Literature Reviewmentioning

confidence: 99%

Empty Container Management at Ports Considering Pollution, Repair Options, and Street-Turns

Bernat

Schulte

Voß

et al. 2016

Mathematical Problems in Engineering

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International trade imbalances make the management of empty containers within shipping networks an important economic and ecological problem. While import-dominated ports accumulate large amounts of empty containers, export-dominated ports need them as transport resources, requiring a repositioning transportation of empty containers on the sea and land side. Acknowledging the importance of the problem, plenty of respective literature has appeared. Since periodic review inventory management systems allow to model the inherent stochasticity of empty container transportation, they have emerged as a major solution approach in the domain. Nevertheless, existing approaches often omit crucial economic and ecological real world conditions determining the success of empty container management. Pollution, repair options, and street-turns are important aspects in this context. In this work, we present new stochastic review policies incorporating a realistic allocation scheme for empty container emissions, realistic maintenance, and repair options as well as street-turns. We analyze the optimality of the proposed polices and evaluate them in a simulation model with metaheuristic parameter search based on extensive real-world data from a major global shipping company operating in Latin America. Results provide insights for academics and practitioners about the economic and ecological impact of the distinct empty container management polices within a shipping network.

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“…: test different safety stock calculation methods. See Schmidt et al[46] and the therein cited references for a review of safety stock calculation methods. In fact, simulation can be combined with analytical approaches to test such adequate levels of safety stock to use, when historical stock data is not available.…”

mentioning

confidence: 99%

On the use of simulation as a Big Data semantic validator for supply chain management

Vieira

Dias

Santos

et al. 2020

Simulation Modelling Practice and Theory

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Simulation stands out as an appropriate method for the Supply Chain Management (SCM) field. Nevertheless, to produce accurate simulations of Supply Chains (SCs), several business processes must be considered. Thus, when using real data in these simulation models, Big Data concepts and technologies become necessary, as the involved data sources generate data at increasing volume, velocity and variety, in what is known as a Big Data context. While developing such solution, several data issues were found, with simulation proving to be more efficient than traditional data profiling techniques in identifying them. Thus, this paper proposes the use of simulation as a semantic validator of the data, proposed a classification for such issues and quantified their impact in the volume of data used in the final achieved solution. This paper concluded that, while SC simulations using Big Data concepts and technologies are within the grasp of organizations, their data models still require considerable improvements, in order to produce perfect mimics of their SCs. In fact, it was also found that simulation can help in identifying and bypassing some of these issues.

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Simulation based comparison of safety-stock calculation methods

Cited by 26 publications

References 7 publications

Operations research models and methods for safety stock determination: A review

Operations research models and methods for safety stock determination: A review

Empty Container Management at Ports Considering Pollution, Repair Options, and Street-Turns

On the use of simulation as a Big Data semantic validator for supply chain management

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