NSF Young Investigator: Analysis and Simulation of Multi-Stage Inventory Systems

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9457189 Glasserman This research is focused on the analysis and simulation of multi-stage inventory systems with limited production capacity. The emphasis and common theme is on the use of new techniques for bounding and approximating the performance of such systems. The methodologies involve draw upon techniques for analyzing probabilities of rare events, which, in a properly designed system, correspond to inventory stockouts, last sales, long response times, etc. The different subclasses of problems to be studied include capacitated multi-stage systems, capacity allocation among multiple products, stocking levels in the presence of component commonality, cyclic schedules for multiple products, and efficient simulation of rare events. In capacitated multi-stage systems, the research emphasis is on the study of features of the assembly and supply chains of many industries with the objective of developing design and control tools to coordinate the various stages to meet service levels for external demands and to limit inventory costs. Research in capacity allocation problems will seek to extend the solution to capacity allocation problems that involve multiple products in make-to-order stock environment. Research in stocking levels is aimed at developing solution to the problem of setting stock levels for components that are required by multiple products. The study of cyclic schedules in which products are made in a fixed schedule and each visit to a product restores its inventory to a preset target level that depends on intervening demand will also be considered in this research. The rarity of events such as stockouts, lost sales, etc. in complex inventory systems make the use of simulation as an evaluation tool of such systems very difficult. This research will also focus on the development of variance reduction techniques, based on importance sampling, to increase the efficiency of simulation analysis. Expected outcomes of this research inclu de the characterization of asymptotically optimal base-stock levels for control of capacitated inventory systems, identification of asymptotically optimal capacity allocation among products, and better analysis, understanding, and design of cyclic schedules for multiple products. Furthermore, tools to better analyze inventory systems through simulation will be developed. This will make it easier, more attractive, and computationally more efficient to analyze complex inventory systems through simulation technique.