Finding Optimal Policies in the (S - 1, S) Lost Sales Inventory Model with Multiple Demand Classes PDF Download

Author: Willem van Jaarsveld
Publisher:
ISBN:
Category :
Languages : en
Pages : 14

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Author: A. A. Kranenburg
Publisher:
ISBN: 9789038605951
Category :
Languages : en
Pages : 16

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Author: M. Grazia Speranza
Publisher: Springer Science & Business Media
ISBN: 364258568X
Category : Business & Economics
Languages : en
Pages : 319

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The globalization of markets has reinforced the interest in logistics. A constantly raising level of competition among companies stresses the need for improved logistic processes, in terms of cost reduction and increased service level. The book covers the main problems of distribution logistics: network design and location problems, tactical and operational planning of transport, internal logistics, and inventory management. The book contains a rigorous methodological approach with an emphasis on practical problems. Two survey papers provide references and open problems.

Author: Steven Nahmias
Publisher: Springer Science & Business Media
ISBN: 1441979999
Category : Business & Economics
Languages : en
Pages : 89

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A perishable item is one that has constant utility up until an expiration date (which may be known or uncertain), at which point the utility drops to zero. This includes many types of packaged foods such as milk, cheese, processed meats, and canned goods. It also includes virtually all pharmaceuticals and photographic film, as well as whole blood supplies. This book is the first devoted solely to perishable inventory systems. The book’s ten chapters first cover the preliminaries of periodic review versus continuous review and look at a one-period newsvendor perishable inventory model. The author moves to the basic multiperiod dynamic model, and then considers the extensions of random lifetime, inclusion of a set-up cost, and multiproduct models of perishables. A chapter on continuous review models looks at one-for-one policies, models with zero lead time, optimal policies with positive lead time, and an alternative approach. Additional chapters present material on approximate order policies, inventory depletion management, and deterministic models, including the basic EOQ model with perishability and the dynamic deterministic model with perishability. Finally, chapters explore decaying inventories, queues with impatient customers, and blood bank inventory control. Anyone researching perishable inventory systems will find much to work with here. Practitioners and consultants will also now have a single well-referenced source of up-to-date information to work with.

Author: Arthur F. Veinott (Jr.)
Publisher:
ISBN:
Category : Inventories
Languages : en
Pages : 46

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A multiperiod single product nonstationary inventory problem is studied in which the system is reviewed at the beginning of each of a sequence of periods of equal length. The model has the following features. There are several classes of demand for the product in each period. The demands in different periods are independent but not necessarily identically distributed. The cost structure is nonstationary with the ordering cost being proportional to the amount ordered. Conditions are given that ensure that the base stock ordering policy is optimal and that the base stock levels in each period are easy to calculate. The results are based on earlier work of the author and on properties of stochastically ordered distributions that are developed in the paper. The case of a linear holding cost and a linear storage cost is studied in detail. (Author).

Author: Alain Bensoussan
Publisher:
ISBN:
Category :
Languages : en
Pages : 0

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Under many circumstances, demand observations are often censored due to the lack of tracking lost sales caused by stockouts. To understand the impact of the lost sales information on the ordering decisions, a periodic-review inventory model is formulated in which only the sales information is obtained immediately upon the realization of the demand. This is equivalent to observing the demand when the sales are less than the available stock and to inferring that the demand is higher than the stock when there is a stockout. Subsequently, the lost sales information is obtained after a delay. In the resulting model, an optimal policy, if exists, reveals a very complex structure. By decomposing the derivative of the value function, we demonstrate two different roles of inventory in our model: satisfying the demand and extracting the demand information. We show that the optimal inventory levels under the delayed observation of the lost sales are always higher than those for which the demands are fully observed. Moreover, as illustrated in numerical examples, the optimal policy possesses a counterintuitive behavior with respect to the problem parameters. To understand the key drivers of the optimal decisions, we further compare the costs under different demand observations. Two important observations are made. First, a lower cost is obtained when the realized demand is observed than when the demand is only observed to be higher than the inventory level, and, furthermore, the cost difference represents the value of demand information. Second, while a higher inventory level induces a more accurate demand forecast, the value of exact demand observation is not monotone in the procurement cost. Consequently, the optimal ordering quantity is not always decreasing in the procurement cost.

Author: Nigel Thomas
Publisher: Springer Science & Business Media
ISBN: 3642247482
Category : Computers
Languages : en
Pages : 350

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This book constitutes the refereed proceedings of the 8th European Performance Engineering Workshop, EPEW 2011, held in The English Lake District in October 2011. The 16 regular papers and 6 poster presentations papers presented together with 2 invited talks were carefully reviewed and selected from numerous submissions. The papers are organized in topical sections on performance-oriented design and analysis methods, model checking and validation, simulation techniques and experimental design, performability modelling and performance and power consumption tradeoffs.

Author: Karin Möllering
Publisher: Kölner Wissenschaftsverlag
ISBN: 3937404341
Category :
Languages : en
Pages : 196

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Author: Raghu Nandan Sengupta
Publisher: CRC Press
ISBN: 1482282569
Category : Business & Economics
Languages : en
Pages : 1042

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This handbook is an endeavour to cover many current, relevant, and essential topics related to decision sciences in a scientific manner. Using this handbook, graduate students, researchers, as well as practitioners from engineering, statistics, sociology, economics, etc. will find a new and refreshing paradigm shift as to how these topics can be put to use beneficially. Starting from the basics to advanced concepts, authors hope to make the readers well aware of the different theoretical and practical ideas, which are the focus of study in decision sciences nowadays. It includes an excellent bibliography/reference/journal list, information about a variety of datasets, illustrated pseudo-codes, and discussion of future trends in research. Covering topics ranging from optimization, networks and games, multi-objective optimization, inventory theory, statistical methods, artificial neural networks, times series analysis, simulation modeling, decision support system, data envelopment analysis, queueing theory, etc., this reference book is an attempt to make this area more meaningful for varied readers. Noteworthy features of this handbook are in-depth coverage of different topics, solved practical examples, unique datasets for a variety of examples in the areas of decision sciences, in-depth analysis of problems through colored charts, 3D diagrams, and discussions about software.

Author: Vladimir Anisimov
Publisher: John Wiley & Sons
ISBN: 1119755220
Category : Mathematics
Languages : en
Pages : 336

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The aim of this book is to reflect the current cutting-edge thinking and established practices in the investigation of queueing systems and networks. This second volume includes eight chapters written by experts wellknown in their areas. The book conducts a stability analysis of certain types of multiserver regenerative queueing systems; a transient evaluation of Markovian queueing systems, focusing on closed-form distributions and numerical techniques; analysis of queueing models in service sectors using analytical and simulation approaches; plus an investigation of probability distributions in queueing models and their use in economics, industry, demography and environmental studies. This book also considers techniques for the control of information in queueing systems and their impact on strategic customer behavior, social welfare and the revenue of monopolists. In addition, applications of maximum entropy methods of inference for the analysis of a stable M/G/1 queue with heavy tails, and inventory models with positive service time - including perishable items and stock supplied using various algorithmic control policies ((s; S); (r;Q), etc.).