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Optimal Control of a ProductionInventory System with Customer Impatience. Working paper.

by Saif Benjaafar , Jean-Philippe Gayon , Seda Tepe , 2009
"... Abstract We consider the optimal control of a production-inventory system with a single product where items are produced one unit at a time. Upon arrival, customer orders can be fulfilled from existing inventory, if there is any, backordered, or rejected. Although customers are willing to wait if t ..."
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Abstract We consider the optimal control of a production-inventory system with a single product where items are produced one unit at a time. Upon arrival, customer orders can be fulfilled from existing inventory, if there is any, backordered, or rejected. Although customers are willing to wait

CAPACITY: ON THE OPTIMALITY OF ORDER BASE-STOCK POLICIES

by Jacob Wijngaard (corresponding, Fikri Karaesmen
"... This paper considers the optimality of order aggregation in a single-item production-inventory problem with advance demand information and a restricted production capacity. The advance demand information is modeled by introducing a positive customer order lead time. The paper proves, when customer o ..."
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order lead times are less than a threshold value, it is allowed to aggregate the orders over time when establishing the optimal production decision. This implies the optimality of an order base-stock policy. It shows also that in case of linear inventory cost, the positive effect of advance demand

A Fuzzy Inventory System with Deteriorating Items under Supplier Credits Linked to Ordering Quantity

by Liang-yuh Ouyang, Jinn-tsair Teng, Mei-chuan Cheng
"... The inventory problem associated with trade credit is a popular topic in which in-terest income and interest payments are important issues. Most studies related to trade credit assume that the interest rate is both fixed and predetermined. However, in the real market, many factors such as financial ..."
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of interest charges, the rate of interest earned, and the dete-rioration rate into the triangular fuzzy number. Subsequently, we discuss how to deter-mine the optimal ordering policy so that the total relevant inventory cost, in the fuzzy sense, is minimal. Furthermore, we show that Chang et al.’s [1] model

Multi-item quick response system with budget constraint

by Dogan A Serel
"... a b s t r a c t Quick response mechanisms based on effective use of up-to-date demand information help retailers to reduce their inventory management costs. We formulate a single-period inventory model for multiple products with dependent (multivariate normal) demand distributions and a given overa ..."
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demand forecast, but it also involves a higher unit supply cost. To determine the optimal ordering policy, we use a computational procedure that entails solving capacitated multi-item newsboy problems embedded within a dynamic programming model. Various numerical examples illustrate the effects of demand

OPTIMAL POLICY FOR A SIMPLE SUPPLY CHAIN SYSTEM WITH DEFECTIVE ITEMS AND RETURNED COST UNDER SCREENING ERRORS

by Tien-yu Lin , 2008
"... Abstract Recently, one of the most interesting topics in supply chain management (SCM) is the integrated vendor-buyer production-inventory problem, in which the critical issue is to determine economic lot size per shipment and deliveries. Most researches on this issue assume that products are screen ..."
Abstract - Cited by 1 (0 self) - Add to MetaCart
is performed with possible inspection errors. The objective of this paper is to determine the optimal number of shipments as well as the size of each shipment in order to minimize the joint annual cost incurred by both vendor and buyer. We develop a cost model for the supply chain system and propose a solution

Optimal Control of Serial, Multi-Echelon Inventory/Production Systems with Periodic Batching

by Geert-jan Van Houtum, Alan Scheller-wolf, Jinxin Yi , 2003
"... We consider a single-item, periodic-review, serial, multi-echelon inventory system, with linear inventory holding and penalty costs. In order to facilitate shipment consolidation and capacity planning, we assume the system has implemented periodic batching: each stage is allowed to order at given eq ..."
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We consider a single-item, periodic-review, serial, multi-echelon inventory system, with linear inventory holding and penalty costs. In order to facilitate shipment consolidation and capacity planning, we assume the system has implemented periodic batching: each stage is allowed to order at given

”Evaluation and optimization of innovative production systems of goods and services” JOINT ORDERING AND INSPECTION POLICY FOR A MULTI-PERIOD INVENTORY SYSTEM SUBJECT TO SHRINKAGE ERRORS

by Yacine Rekik, Evren Sahin, Yves Dallery
"... ABSTRACT: One of the implicit assumptions considered in the majority of investigations performed in the area of inventory management is that the physical flow of products that passes through an inventory system as well as the associated information flow are free from defects, i.e. for a given type o ..."
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of product, the quantity received matches exactly the quantity ordered or there are no errors occurring during the data capture process. In fact, for a majority of investigations, it is implicitly supposed that the level of the available inventory shown by the information system corresponds exactly

An order level inventory model with three-Component demand rate (TCDR) for newly launched deteriorating item

by Diwakar Shukla, Uttam Kumar Khedlekar - International Journal of Operations Research , 2010
"... Abstract � Assume a company launches a new item as a minor upgradation in the well established product. For example, shaving cream now mixed with fragrance and pink color. It is new and unknown for users as well as in the market but inventory is maintained. Marketing is continued by variety of plans ..."
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incorporated in the paper over varying model parameters. Effect of two marketing strategies and market survey durations are examined. Conditions for marketing plan design are discussed and it is found that marketing plans, if designed carefully, highly affect the optimal parameters of a new product inventory

Random Scrap Rate Effect on Multi-Item Finite Production Rate Model with Multi- Shipment Policy

by Yuan-Shyi Peter Chiu , Singa Wang Chiu , Yi-Yu Kuo , Chao-Chih Huang , Yuan-Shyi Peter Chiu , 2013
"... Abstract: This study investigates the effect of random scrap rate on multi-item Finite Production Rate (FPR) model with multi-shipment policy. The classic FPR model considers production planning for single product, a perfect condition during the production run and a continuous inventory issuing pol ..."
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Abstract: This study investigates the effect of random scrap rate on multi-item Finite Production Rate (FPR) model with multi-shipment policy. The classic FPR model considers production planning for single product, a perfect condition during the production run and a continuous inventory issuing

A multi-item spare parts inventory model with customer differentiation

by A. A. Kranenburg, G. J. van Houtum , 2004
"... We consider a single warehouse where spare parts of multiple stock-keeping units are kept on stock to serve customers with (close-to-)identical machines. Customers are divided into multiple customer classes, and a target aggregate fill rate is set per class. In order to get differentiated service le ..."
Abstract - Cited by 2 (2 self) - Add to MetaCart
relaxation, in order to obtain both a heuristic solution and a lower bound for the optimal costs. Underlying subproblems are solved by applying product-form solutions for closed queueing networks, an exact optimization procedure for a single-item spare parts inventory problem, and linear programming theory
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