Inventory Models For Substitutable Products

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Inventory Models for Substitutable Products

Author : Mahesh Nagarajan
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)

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Book Synopsis Inventory Models for Substitutable Products by : Mahesh Nagarajan

Download or read book Inventory Models for Substitutable Products written by Mahesh Nagarajan and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, we examine the nature of optimal inventory policies in a system where a retailer manages substitutable products. We first consider a system with two products 1 and 2 whose total demand is D and individual demands are negatively correlated. A fixed proportion of the unsatisfied customers for an item will purchase the other item, if it is available in inventory. For the single period case, we show that the optimal inventory levels of the two items can be computed easily and follow what we refer to as "partially decoupled" policies, i.e. base stock policies that are not state dependent, in certain critical regions of interest both when D is known and random. Furthermore, we show that such a partially decoupled base-stock policy is optimal even in a multi-period version of the problem for known D for a wide range of parameter values and in an N-product single-period model under some restrictive conditions. Using a numerical study, we show that heuristics based on the de-coupled inventory policy perform well in conditions more general than the ones assumed to obtain the analytical results. The analytical and numerical results suggest that the approach presented here is most valuable in retail settings for product categories where the level of substitution between items in a category is not high, demand variation at the aggregate level is not high and service levels or newsvendor ratios are high.

Optimal Control Policy for Stochastic Inventory Models with Two Substitutable Products

Author : Tianxiao Chen
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)

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Book Synopsis Optimal Control Policy for Stochastic Inventory Models with Two Substitutable Products by : Tianxiao Chen

Download or read book Optimal Control Policy for Stochastic Inventory Models with Two Substitutable Products written by Tianxiao Chen and published by . This book was released on 2018 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, we consider a stochastic inventory system of two products where a fi xed proportion of the unsatisfied ed demand for one product purchases the other product as a substitute. We formulate the optimal inventory control problem as a dynamic program; and by developing two key technical results, we derive several important structural properties (including joint concavity and submodularity) of the value functions. Based on these properties, we show that the optimal inventory policy for each product in each period is a base-stock policy where the base-stock level is a decreasing function of the maximum of the initial inventory level of the other product and a critical control number. We further prove that, as the initial inventory level of the other product increases, the base-stock level of each product converges to the optimal base-stock level of an auxiliary single-product lost-sales inventory system. We also provide intuitive interpretations and a numerical example to facilitate the understanding of our analytical results.

Centralized and Competitive Inventory Models with Demand Substitution

Author : Serguei Netessine
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)

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Book Synopsis Centralized and Competitive Inventory Models with Demand Substitution by : Serguei Netessine

Download or read book Centralized and Competitive Inventory Models with Demand Substitution written by Serguei Netessine and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: A standard problem in operations literature is optimal stocking of substitutable products. We consider a very general consumer-driven substitution problem with an arbitrary number of products and a quite general substitution structure, both under centralized inventory management and competition. We obtain analytically tractable solutions that generalize and extend the results of several earlier papers in this area and also lead to new results.

Optimal Decision Making in Operations Research and Statistics

Author : Irfan Ali
Publisher : CRC Press
ISBN 13 : 1000404722
Total Pages : 434 pages
Book Rating : 4.0/5 (4 download)

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Book Synopsis Optimal Decision Making in Operations Research and Statistics by : Irfan Ali

Download or read book Optimal Decision Making in Operations Research and Statistics written by Irfan Ali and published by CRC Press. This book was released on 2021-11-29 with total page 434 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book provides insights in the decision-making for implementing strategies in various spheres of real-world issues. It integrates optimal policies in various decisionmaking problems and serves as a reference for researchers and industrial practitioners. Furthermore, the book provides sound knowledge of modelling of real-world problems and solution procedure using the various optimisation and statistical techniques for making optimal decisions. The book is meant for teachers, students, researchers and industrialists who are working in the field of materials science, especially operations research and applied statistics.

Proceedings of First International Conference on Mathematical Modeling and Computational Science

Author : Sheng-Lung Peng
Publisher : Springer Nature
ISBN 13 : 9813343893
Total Pages : 675 pages
Book Rating : 4.8/5 (133 download)

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Book Synopsis Proceedings of First International Conference on Mathematical Modeling and Computational Science by : Sheng-Lung Peng

Download or read book Proceedings of First International Conference on Mathematical Modeling and Computational Science written by Sheng-Lung Peng and published by Springer Nature. This book was released on 2021-05-04 with total page 675 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents the most recent scientific and technological advances in the fields of engineering mathematics and computational science, to strengthen the links in the scientific community. It is a collection of high-quality, peer-reviewed research papers presented at the First International Conference on Mathematical Modeling and Computational Science (ICMMCS 2020), held in Pattaya, Thailand, during 14–15 August 2020. The topics covered in the book are mathematical logic and foundations, numerical analysis, neural networks, fuzzy set theory, coding theory, higher algebra, number theory, graph theory and combinatory, computation in complex networks, calculus, differential educations and integration, application of soft computing, knowledge engineering, machine learning, artificial intelligence, big data and data analytics, high-performance computing, network and device security, and Internet of things (IoT).

Essays on Assortment Planning and Inventory Management for Substitutable Products

Author : Ying Cao (Ph. D.)
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (19 download)

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Book Synopsis Essays on Assortment Planning and Inventory Management for Substitutable Products by : Ying Cao (Ph. D.)

Download or read book Essays on Assortment Planning and Inventory Management for Substitutable Products written by Ying Cao (Ph. D.) and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of three essays which study assortment planning and inventory management of substitutable products motivated by different practical problems. Chapter 2 considers the assortment planning problem for a retailer who faces customers that buy multiple differentiated products (n-pack) on a store visit. We develop two choice models: the probabilistic choice rule which captures the heterogeneous consumer population choice pattern and maximum choice rule which captures the homogeneous consumer population choice pattern. We find that, under probabilistic choice rule, the optimal assortment is such that it includes a certain number of the most and least popular products. In contrast, under maximum choice rule, the optimal assortment does not have a fixed structure except that it is guaranteed to include the most popular product. We develop an algorithm under maximum choice rule which is shown to have good performance. In addition, we derive the structure of optimal assortment under both choice rules when a retailer ignores key features of n-pack choice model including choice premium and basket shopping behavior. We also conduct a numerical study where we show that ignoring these key features can lead to significant profit loss for a retailer. Chapter 3 explores the assortment planning for a firm who faces a two-sided market. That is, the firm receives revenues from two distinct user groups: the customers, who pay for the products it sells and the advertisers who pay to advertise their brand to the customers. We obtain structural properties of the optimal assortment. We also consider the case where the firm is allowed to offer multiple products with the same attractiveness profile and price. In this case, we obtain conditions under which the optimal assortment is made out of distinct products. In addition, we show that ignoring the revenue from the customers or the advertisers, or focusing only on one segment when making product assortment decisions can lead to a significant revenue loss; specifically, we derive the theoretical bound on revenue loss in these situations. Chapter 4 studies the decision making of an inventory manager who needs to decide order quantities of multiple substitutable products in his store. As such, the decision maker typically checks the sales history of the products. When there is stock-out, the sales history provides inaccurate information because the lost sales are unobservable and the sales from substitution are indistinguishable from first-choice sales, which we refer to as the "doublecensoring effect". To study the impact of substitution rate and information amount on decision maker's performance, we design an experiment where subjects need to decide inventory levels for 2 substitutable products in consecutive 30 periods. The experimental data shows that subjects underestimate the demand for high demand product and overestimate the demand for low demand product. Moreover, the bias is worse when there is substitution in fully censored information treatment. Also, when subjects are provided with less information, they tend to order larger quantity in early periods in order to learn demand.

Multiproduct Inventory Models with Set-up Cost

Author : Alan Clement Wheeler
Publisher :
ISBN 13 :
Total Pages : 290 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Multiproduct Inventory Models with Set-up Cost by : Alan Clement Wheeler

Download or read book Multiproduct Inventory Models with Set-up Cost written by Alan Clement Wheeler and published by . This book was released on 1967 with total page 290 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Application of Optimization in Production, Logistics, Inventory, Supply Chain Management and Block Chain

Author : Biswajit Sarkar
Publisher : MDPI
ISBN 13 : 303928522X
Total Pages : 618 pages
Book Rating : 4.0/5 (392 download)

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Book Synopsis Application of Optimization in Production, Logistics, Inventory, Supply Chain Management and Block Chain by : Biswajit Sarkar

Download or read book Application of Optimization in Production, Logistics, Inventory, Supply Chain Management and Block Chain written by Biswajit Sarkar and published by MDPI. This book was released on 2020-04-23 with total page 618 pages. Available in PDF, EPUB and Kindle. Book excerpt: The evolution of industrial development since the 18th century is now experiencing the fourth industrial revolution. The effect of the development has propagated into almost every sector of the industry. From inventory to the circular economy, the effectiveness of technology has been fruitful for industry. The recent trends in research, with new ideas and methodologies, are included in this book. Several new ideas and business strategies are developed in the area of the supply chain management, logistics, optimization, and forecasting for the improvement of the economy of the society and the environment. The proposed technologies and ideas are either novel or help modify several other new ideas. Different real life problems with different dimensions are discussed in the book so that readers may connect with the recent issues in society and industry. The collection of the articles provides a glimpse into the new research trends in technology, business, and the environment.

Handbook of Newsvendor Problems

Author : Tsan-Ming Choi
Publisher : Springer Science & Business Media
ISBN 13 : 1461436001
Total Pages : 386 pages
Book Rating : 4.4/5 (614 download)

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Book Synopsis Handbook of Newsvendor Problems by : Tsan-Ming Choi

Download or read book Handbook of Newsvendor Problems written by Tsan-Ming Choi and published by Springer Science & Business Media. This book was released on 2012-06-09 with total page 386 pages. Available in PDF, EPUB and Kindle. Book excerpt: As a fundamental problem in stochastic inventory control, the newsvendor problem has been studied since the 18th century in the economic literature, and has been widely used to analyze supply chains in fashion and seasonal product industries. Since the 1950s, the newsvendor problem has been extensively studied in operations research and extended to model a variety of real-life problems. The simplest and most elementary version of the newsvendor problem is an optimal stocking problem in which a newsvendor needs to decide how many newspapers to order for future demand, where the future demand is uncertain and follows a stationary distribution. Research in this area has greatly increased over the last few years, and now the Handbook of Newsvendor Problems: Models, Extensions and Applications captures the state of the art. The handbook consists of two sections -- Models and Extensions, and Applications. Each section includes many interesting works in the respective domain. Section I presents papers on topics like the multi-product newsvendor problems; the newsvendor problem with law invariant coherent measures of risk; a Copula approach to inventory pooling problems with newsvendor products; repeated newsvendor games with transshipments; cooperative newsvendor games; an economic interpretation for the price-setting newsvendor problem; newsvendor models with alternative risk preferences within expected utility theory and prospect theory frameworks; and newsvendor problems with VaR and CVaR consideration. Section II presents papers on such topics as a two-period newsvendor problem for closed-loop supply chain analysis; the remanufacturing newsvendor problem; inventory centralization in a newsvendor setting when shortage costs differ; production planning on an unreliable machine for multiple items; analysis of the newsvendor problem under carbon emissions policies; optimal decisions of the manufacturer and distributor in a fresh product supply chain involving long distance transportation; a newsvendor perspective on profit target setting for multiple divisions; and a portfolio approach to multi-product newsvendor problem with budget constraint. This well-balanced handbook presents a wealth of theoretical results from different perspectives. With contributions from many of the leading researchers in the field, the Handbook of Newsvendor Problems: Models, Extensions and Applications is a timely addition to the literature and consolidates all the new and exciting works related to the newsvendor problem into one high quality source.

Optimization and Inventory Management

Author : Nita H. Shah
Publisher : Springer Nature
ISBN 13 : 9811396981
Total Pages : 470 pages
Book Rating : 4.8/5 (113 download)

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Book Synopsis Optimization and Inventory Management by : Nita H. Shah

Download or read book Optimization and Inventory Management written by Nita H. Shah and published by Springer Nature. This book was released on 2019-08-31 with total page 470 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book discusses inventory models for determining optimal ordering policies using various optimization techniques, genetic algorithms, and data mining concepts. It also provides sensitivity analyses for the models’ robustness. It presents a collection of mathematical models that deal with real industry scenarios. All mathematical model solutions are provided with the help of various optimization techniques to determine optimal ordering policy. The book offers a range of perspectives on the implementation of optimization techniques, inflation, trade credit financing, fuzzy systems, human error, learning in production, inspection, green supply chains, closed supply chains, reworks, game theory approaches, genetic algorithms, and data mining, as well as research on big data applications for inventory management and control. Starting from deterministic inventory models, the book moves towards advanced inventory models. The content is divided into eight major sections: inventory control and management – inventory models with trade credit financing for imperfect quality items; environmental impact on ordering policies; impact of learning on the supply chain models; EOQ models considering warehousing; optimal ordering policies with data mining and PSO techniques; supply chain models in fuzzy environments; optimal production models for multi-items and multi-retailers; and a marketing model to understand buying behaviour. Given its scope, the book offers a valuable resource for practitioners, instructors, students and researchers alike. It also offers essential insights to help retailers/managers improve business functions and make more accurate and realistic decisions.

Demand Management and Inventory Control for Substitutable Products

Author : Jing-Sheng Jeannette Song
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)

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Book Synopsis Demand Management and Inventory Control for Substitutable Products by : Jing-Sheng Jeannette Song

Download or read book Demand Management and Inventory Control for Substitutable Products written by Jing-Sheng Jeannette Song and published by . This book was released on 2021 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies dynamic inventory and pricing decisions for a set of substitutable products over a finite planning horizon with full backlogging. The objective is to maximize the total expected discounted profit. We present a general stochastic, price-dependent demand model that unifies many commonly used demand models in the literature. The original formulation is not jointly concave in the decision variables and is therefore intractable. One key observation is that the problem becomes jointly concave if we work with the inverse of the price vector -- the market share vector. With this variable transformation, we are able to characterize the optimal policy and develop algorithms to compute it. In each period, the optimal policy first identifies a set of the products that are overstocked and hence need no replenishment and then specifies the optimal order-up-to levels for under-stocked products and the optimal market shares (and prices) for all products, both of which are functions of the overstocking levels. We further establish conditions under which the optimal policy demonstrates certain monotonicity property that can greatly enhance computation. Finally, we develop several computationally efficient heuristic policies and numerically compare them and discuss the interplay of pricing and inventory decisions.

Multiproduct Inventory Models with Set-up

Author : Stanford University. Department of Operations Research
Publisher :
ISBN 13 :
Total Pages : 154 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Multiproduct Inventory Models with Set-up by : Stanford University. Department of Operations Research

Download or read book Multiproduct Inventory Models with Set-up written by Stanford University. Department of Operations Research and published by . This book was released on 1968 with total page 154 pages. Available in PDF, EPUB and Kindle. Book excerpt: The report presents a mathematical model of an inventory problem frequently encountered in practice and studies the nature of the best ordering policy to use for it. At the beginning of each of a sequence of periods an inventory manager must decide whether or not to place an order and, if so, how much of which products. His order is filled immediately and then during the period a random demand draws upon his inventory until at the beginning of the next period he makes another ordering decision. When he orders, a unit cost for each item and a set-up cost for the order are charged. The set-up cost is thus independent of the size of the order and may represent the price of such things as paperwork, tooling up for a production run, or construction of facilities. On the basis of the inventory levels at the end of a period an inventory cost is charged. This represents a holding cost for those products still in stock and a penalty cost for those whose supply is depleted. Since the actual demand is not known but random, the inventory manager does not have full control over the costs he will be charged. It is assumed, however, that he can obtain his expected costs by averaging over the random demands, and his aim then is to use an ordering policy which minimizes his expected costs. As the mathematical inventory literature is quite large it is important to emphasize four distinctive features of the model in this report: periodic review, random demand, set-up costs, and interdependence of product costs. The present study is the most general one known by the author to combine all four attributes.

Applications of Operational Research in Business and Industries

Author : Angappa Gunasekaran
Publisher : Springer Nature
ISBN 13 : 9811980128
Total Pages : 512 pages
Book Rating : 4.8/5 (119 download)

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Book Synopsis Applications of Operational Research in Business and Industries by : Angappa Gunasekaran

Download or read book Applications of Operational Research in Business and Industries written by Angappa Gunasekaran and published by Springer Nature. This book was released on 2023-05-21 with total page 512 pages. Available in PDF, EPUB and Kindle. Book excerpt: Effective decision-making while trading off the constraints and conflicting multiple objectives under rapid technological developments, massive generation of data, and extreme volatility is of paramount importance to organizations to win over the time-based competition today. While agility is a crucial issue, the firms have been increasingly relying on evidence-based decision-making through intelligent decision support systems driven by computational intelligence and automation to achieve a competitive advantage. The decisions are no longer confined to a specific functional area. Instead, business organizations today find actionable insight for formulating future courses of action by integrating multiple objectives and perspectives. Therefore, multi-objective decision-making plays a critical role in businesses and industries. In this regard, the importance of Operations Research (OR) models and their applications enables the firms to derive optimum solutions subject to various constraints and/or objectives while considering multiple functional areas of the organizations together. Hence, researchers and practitioners have extensively applied OR models to solve various organizational issues related to manufacturing, service, supply chain and logistics management, human resource management, finance, and market analysis, among others. Further, OR models driven by AI have been enabled to provide intelligent decision-support frameworks for achieving sustainable development goals. The present issue provides a unique platform to showcase the contributions of the leading international experts on production systems and business from academia, industry, and government to discuss the issues in intelligent manufacturing, operations management, financial management, supply chain management, and Industry 4.0 in the Artificial Intelligence era. Some of the general (but not specific) scopes of this proceeding entail OR models such as Optimization and Control, Combinatorial Optimization, Queuing Theory, Resource Allocation Models, Linear and Nonlinear Programming Models, Multi-objective and multi-attribute Decision Models, Statistical Quality Control along with AI, Bayesian Data Analysis, Machine Learning and Econometrics and their applications vis-à-vis AI & Data-driven Production Management, Marketing and Retail Management, Financial Management, Human Resource Management, Operations Management, Smart Manufacturing & Industry 4.0, Supply Chain and Logistics Management, Digital Supply Network, Healthcare Administration, Inventory Management, consumer behavior, security analysis, and portfolio management and sustainability. The present issue shall be of interest to the faculty members, students, and scholars of various engineering and social science institutions and universities, along with the practitioners and policymakers of different industries and organizations.

Managing in the Information Economy

Author : Uday Apte
Publisher : Springer Science & Business Media
ISBN 13 : 0387368922
Total Pages : 475 pages
Book Rating : 4.3/5 (873 download)

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Book Synopsis Managing in the Information Economy by : Uday Apte

Download or read book Managing in the Information Economy written by Uday Apte and published by Springer Science & Business Media. This book was released on 2007-08-10 with total page 475 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Retail Analytics

Author : Anna-Lena Sachs
Publisher : Springer
ISBN 13 : 3319133055
Total Pages : 126 pages
Book Rating : 4.3/5 (191 download)

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Book Synopsis Retail Analytics by : Anna-Lena Sachs

Download or read book Retail Analytics written by Anna-Lena Sachs and published by Springer. This book was released on 2014-12-10 with total page 126 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book addresses the challenging task of demand forecasting and inventory management in retailing. It analyzes how information from point-of-sale scanner systems can be used to improve inventory decisions, and develops a data-driven approach that integrates demand forecasting and inventory management for perishable products, while taking unobservable lost sales and substitution into account in out-of-stock situations. Using linear programming, a new inventory function that reflects the causal relationship between demand and external factors such as price and weather is proposed. The book subsequently demonstrates the benefits of this new approach in numerical studies that utilize real data collected at a large European retail chain. Furthermore, the book derives an optimal inventory policy for a multi-product setting in which the decision-maker faces an aggregated service level target, and analyzes whether the decision-maker is subject to behavioral biases based on real data for bakery products.

Optimality of Myopic Inventory Policies for Several Substitute Products

Author : Stanford University. Department of Operations Research
Publisher :
ISBN 13 :
Total Pages : 58 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Optimality of Myopic Inventory Policies for Several Substitute Products by : Stanford University. Department of Operations Research

Download or read book Optimality of Myopic Inventory Policies for Several Substitute Products written by Stanford University. Department of Operations Research and published by . This book was released on 1967 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: Multiproduct inventory systems with proportional ordering costs and stochastic demands are studied. New conditions are obtained under which a myopic ordering policy (a policy of minimizing expected cost in the current period alone) is optimal for a sequence of periods for all initial inventory levels. An important one of these, the substitute property, holds when the myopic policy is such that increasing the initial inventory of one product does not increase the quantity ordered of any product. Conditions on the one period expected holding and shortage cost function, which are of independent interest in nonlinear programming, are shown to imply the substitute property. Applications of these conditions to models with storage or investment limitations and to a multiechelon model are given. Under backlogging the usual extension to a fixed delivery lag is obtained. Some non-stationary cases are also treated. (Author).

Technology Innovation in Mechanical Engineering

Author : Prem Kumar Chaurasiya
Publisher : Springer Nature
ISBN 13 : 9811679096
Total Pages : 1028 pages
Book Rating : 4.8/5 (116 download)

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Book Synopsis Technology Innovation in Mechanical Engineering by : Prem Kumar Chaurasiya

Download or read book Technology Innovation in Mechanical Engineering written by Prem Kumar Chaurasiya and published by Springer Nature. This book was released on 2022-04-29 with total page 1028 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book comprises select papers presented at the conference on Technology Innovation in Mechanical Engineering (TIME-2021). The book discusses the latest innovation and advanced research in the diverse field of Mechanical Engineering such as materials, manufacturing processes, evaluation of materials properties for the application in automotive, aerospace, marine, locomotive and energy sectors. The topics covered include advanced metal forming, Energy Efficient systems, Material Characterization, Advanced metal forming, bending, welding & casting techniques, Composite and Polymer Manufacturing, Intermetallics, Future generation materials, Laser Based Manufacturing, High-Energy Beam Processing, Nano materials, Smart Material, Super Alloys, Powder Metallurgy and Ceramic Forming, Aerodynamics, Biological Heat & Mass Transfer, Combustion & Propulsion, Cryogenics, Fire Dynamics, Refrigeration & Air Conditioning, Sensors and Transducers, Turbulent Flows, Reactive Flows, Numerical Heat Transfer, Phase Change Materials, Micro- and Nano-scale Transport, Multi-phase Flows, Nuclear & Space Applications, Flexible Manufacturing Technology & System, Non-Traditional Machining processes, Structural Strength and Robustness, Vibration, Noise Analysis and Control, Tribology. In addition, it discusses industrial applications and cover theoretical and analytical methods, numerical simulations and experimental techniques in the area of Mechanical Engineering. The book will be helpful for academics, including graduate students and researchers, as well as professionals interested in interdisciplinary topics in the areas of materials, manufacturing, and energy sectors.