Comparative analysis of multi-item joint replenishment inventory models

Abstract

This paper analyses several multi-item joint replenishment inventory models. The comparative analysis is performed through an extensive simulation study in which the models are applied to identical environments with reasonable numbers of items. Comparison to single item models and other extensions of existing models is included. Questions of compatibility and treatment of different objectives are handled. The results indicate apparent shortcomings of the well-known (s,c,S) model as well as some limitations of other models.