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You will prepare and submit a term paper on Joint replenishment inventory (Can-order replenishment system). Your paper should be a minimum of 5000 words in length.
You will prepare and submit a term paper on Joint replenishment inventory (Can-order replenishment system). Your paper should be a minimum of 5000 words in length. Method Used: In the provided article of Silver (1981), different systems rather than methods have been widely utilised for the purpose of lessening setup expenses incurred based on per unit time. In precise, for keeping a greater control of costs associated with replenishment in the form of decreasing the same, the author Silver (1981) considered a definite control system, which was denoted as (S,c,s) system. Apart from this, another system i.e. Compound Poisson Demand was also being used for the fulfilment of the above stated objective. Based on the article of Silver (1981), it can be found that in consideration of the above discussed two particular methods were able to fulfil the stated objective, which is discussed in the section below.
Results and Conclusion: While explaining the results and drawing a suitable conclusion about how the selected control systems such as Compound Poisson Model and (S,c,s) mechanism had attained success in lessening the setup replenishment costs, it will be vital to mention that utmost focus was laid upon inventory levels. In this regard, according to the article of Silver (1981), the control system i.e. (S,c,s) mechanism was used wherein distinct inventory levels were reviewed incessantly with determining the persistent inventory positions. On the other hand, the Poisson Model was executed to enlarge the probability allocation of entire demand of a particular item, which occurs during the interval of replenishment lead time. In terms of results, the article of Silver (1981) revealed that execution of (S,c,s) mechanism is capable to diminish the setup replenishment costs by checking the execution times and developing computerised routines with satisfying specified service constraints.
