Abstract
Every operations manager should be familiar with the terms reorder point policy (RPP), material requirements planning (MRP) and just in time (JIT). These terms have been used to describe three widely practiced approaches for coordinating the flow of material in multi-stage production-inventory systems. The literature advocating one or the other approach is voluminous. Each approach has its merits and its drawbacks; however, which approach is overall better remains a point of controversy among practitioners and researchers. In a growing literature that brings to light this controversy it is often pointed out that “approach is better?” may not be correct question to ask, since most real systems include all three approaches anyway.
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Liberopoulos, G., Tsikis, I. (2003). Unified Modelling Framework of Multi-Stage Production-Inventory Control Policies with Lot Sizing and Advance Demand Information. In: Shanthikumar, J.G., Yao, D.D., Zijm, W.H.M. (eds) Stochastic Modeling and Optimization of Manufacturing Systems and Supply Chains. International Series in Operations Research & Management Science, vol 63. Springer, Boston, MA. https://doi.org/10.1007/978-1-4615-0373-6_11
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DOI: https://doi.org/10.1007/978-1-4615-0373-6_11
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