A Single-item Inventory Model for a Non-stationary Demand Process
Author : Stephen C. Graves
Publisher :
Page : 22 pages
File Size : 10,81 MB
Release : 1997
Category :
ISBN :
A Wholesale Level Consumable Item Inventory Model for Non-stationary Demand Patterns
Author : Glenn C. Robillard
Publisher :
Page : 0 pages
File Size : 18,24 MB
Release : 1994
Category : Inventory control
ISBN :
Book Description
The U.S. military presently manages about 88 billion dollars in spare and repair parts, consumables, and other support items. Department of Defense (DOD) inventory models which help wholesale item managers make inventory decisions concerning these items are based on the assumption that mean demand remains constant over time. In DOD this assumption is rarely met. During periods of declining demand, such as that associated with force reduction or equipment retirement, the inventory models usually keep stock levels too high, generating excess material. Recently, the amount of excess in DOD was estimated to be as high as 40 billion dollars. On the other extreme, during periods of increasing demand, the models generally provide too little stock, resulting in poor weapons system support. The purpose of this research was to develop an inventory model which does not rely on the assumption that mean demand is stationary. Use of the model would be appropriate when a known or predictable increase or decrease in mean demand is forecasted. Through simulation the model's performance was evaluated and compared with that of the Navy's Uniform Inventory Control Program (UICP) model. The results indicate that the proposed model significantly outperforms the existing model when mean demand is non- stationary. Additionally, the results indicate that the proposed model's performance is equal to or better than the existing Navy model under many stationary mean demand scenarios.
A Wholesale Level Consumable Item Inventory Model for Non-stationary Demand Patterns
Author : Glenn C. Robillard
Publisher :
Page : 260 pages
File Size : 43,88 MB
Release : 1994
Category : Inventory control
ISBN :
Book Description
The U.S. military presently manages about 88 billion dollars in spare and repair parts, consumables, and other support items. Department of Defense (DOD) inventory models which help wholesale item managers make inventory decisions concerning these items are based on the assumption that mean demand remains constant over time. In DOD this assumption is rarely met. During periods of declining demand, such as that associated with force reduction or equipment retirement, the inventory models usually keep stock levels too high, generating excess material. Recently, the amount of excess in DOD was estimated to be as high as 40 billion dollars. On the other extreme, during periods of increasing demand, the models generally provide too little stock, resulting in poor weapons system support. The purpose of this research was to develop an inventory model which does not rely on the assumption that mean demand is stationary. Use of the model would be appropriate when a known or predictable increase or decrease in mean demand is forecasted. Through simulation the model's performance was evaluated and compared with that of the Navy's Uniform Inventory Control Program (UICP) model. The results indicate that the proposed model significantly outperforms the existing model when mean demand is non- stationary. Additionally, the results indicate that the proposed model's performance is equal to or better than the existing Navy model under many stationary mean demand scenarios.
Optimal Policy in a Dynamic, Single Product, Nonstationary Inventory Model with Several Demand Classes
Author : Arthur F. Veinott (Jr.)
Publisher :
Page : 46 pages
File Size : 50,63 MB
Release : 1965
Category : Inventories
ISBN :
Book Description
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).
Inventory Control of Large Scale Multi-Item System with Minimum Order Quantity Constraint and Non-Stationary Demand
Author : Gaetan Deletoille
Publisher :
Page : 0 pages
File Size : 23,7 MB
Release : 2022
Category :
ISBN :
Book Description
We consider a large scale multi-item periodic-review stochastic inventory system with Minimum Order Quantity (MOQ) requirements on the total order size of all items. The item demands are stochastic and non-stationary. The retailer must decide at each time period whether and how many of each item to order from the supplier. The goal is to maximize the reward generated by satisfying the end customers demands while minimizing the costs of holding unsold inventory. We introduce a parameterized heuristic, the w-policy, that relies on our detailed analysis of the problem.We demonstrate the scalability of this heuristic up to ten thousand items, which is unmatched in the literature on the non-stationary demand version of the MOQ problem. The results of our numerical study on large scale real world data sets exhibit the efficiency of the w-policy in these challenging settings. Moreover, our numerical study shows that the w-policy performs at least as well as the state-of-the-art method (S,T) on the simplified problem when the demand is considered stationary, while being more robust in a real supply chain environment.Our results therefore indicate that the w-policy is more robust, has a larger scope of applicability, and is significantly more scalable than state of the art methods for multi-item stochastic inventory control with MOQ requirements.
Foundations of Stochastic Inventory Theory
Author : Evan L. Porteus
Publisher : Stanford University Press
Page : 330 pages
File Size : 49,37 MB
Release : 2002
Category : Business & Economics
ISBN : 9780804743990
Book Description
This book has a dual purpose?serving as an advanced textbook designed to prepare doctoral students to do research on the mathematical foundations of inventory theory, and as a reference work for those already engaged in such research. All chapters conclude with exercises that either solidify or extend the concepts introduced.
Single Period Inventory Control and Pricing
Author : Emel Arikan
Publisher : Forschungsergebnisse der Wirtschaftsuniversität Wien
Page : 0 pages
File Size : 30,87 MB
Release : 2011
Category : Business & Economics
ISBN : 9783631612224
Book Description
The price-setting newsvendor model is used to address the single period joint pricing and inventory control problem. The objective is to set the optimal price and replenishment quantity of a single product in order to maximize the expected profit. Products with a short selling season and relatively long replenishment lead times such as fashion goods are the most relevant application areas of the model. The focus of the work is the generalization of the model with respect to the modeling of uncertainty in demand. The author presents an analytical and empirical study which compares different demand models with a more flexible model based on price and inventory optimization. She concludes that using a general model can increase the profits significantly.
Logistics of Production and Inventory
Author : S.C. Graves
Publisher : Elsevier
Page : 780 pages
File Size : 12,93 MB
Release : 1993-05-27
Category : Business & Economics
ISBN : 9780444874726
Book Description
Handbook
Managing in the Information Economy
Author : Uday Apte
Publisher : Springer Science & Business Media
Page : 475 pages
File Size : 32,48 MB
Release : 2007-08-10
Category : Business & Economics
ISBN : 0387368922
Book Description
This book presents recent research directions that address management in the information economy. The contributors include leading researchers with interests in a diverse set of topics who highlight important areas and point to some important topics for future research. The book begins with perspectives at the level of the economy as a whole and then progressively addresses industrial structure, sectors, functions, and business practices.
Quantitative Models for Supply Chain Management
Author : Sridhar Tayur
Publisher : Springer Science & Business Media
Page : 851 pages
File Size : 35,21 MB
Release : 2012-12-06
Category : Business & Economics
ISBN : 1461549493
Book Description
Quantitative models and computer-based tools are essential for making decisions in today's business environment. These tools are of particular importance in the rapidly growing area of supply chain management. This volume is a unified effort to provide a systematic summary of the large variety of new issues being considered, the new set of models being developed, the new techniques for analysis, and the computational methods that have become available recently. The volume's objective is to provide a self-contained, sophisticated research summary - a snapshot at this point of time - in the area of Quantitative Models for Supply Chain Management. While there are some multi-disciplinary aspects of supply chain management not covered here, the Editors and their contributors have captured many important developments in this rapidly expanding field. The 26 chapters can be divided into six categories. Basic Concepts and Technical Material (Chapters 1-6). The chapters in this category focus on introducing basic concepts, providing mathematical background and validating algorithmic tools to solve operational problems in supply chains. Supply Contracts (Chapters 7-10). In this category, the primary focus is on design and evaluation of supply contracts between independent agents in the supply chain. Value of Information (Chapters 11-13). The chapters in this category explicitly model the effect of information on decision-making and on supply chain performance. Managing Product Variety (Chapters 16-19). The chapters in this category analyze the effects of product variety and the different strategies to manage it. International Operations (Chapters 20-22). The three chapters in this category provide an overview of research in the emerging area of International Operations. Conceptual Issues and New Challenges (Chapters 23-27). These chapters outline a variety of frameworks that can be explored and used in future research efforts. This volume can serve as a graduate text, as a reference for researchers and as a guide for further development of this field.
