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Author : S. Nahmias
Publisher :
ISBN 13 :
Total Pages : 55 pages
Book Rating : 4.:/5 (897 download)
Download or read book Optimal Ordering Policies for Perishable Inventory, 1 written by S. Nahmias and published by . This book was released on 1972 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Ravi Gor
Publisher :
ISBN 13 : 9783845419251
Total Pages : 144 pages
Book Rating : 4.4/5 (192 download)
Download or read book Management of Perishable Inventory: A Mathematical Modelling Approach written by Ravi Gor and published by . This book was released on 2011-11 with total page 144 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Steven Nahmias
Publisher : Springer Science & Business Media
ISBN 13 : 1441979999
Total Pages : 89 pages
Book Rating : 4.4/5 (419 download)
Download or read book Perishable Inventory Systems written by Steven Nahmias and published by Springer Science & Business Media. This book was released on 2011-05-17 with total page 89 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 : Steven Nahmias
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (562 download)
Download or read book Optimal and approximate ordering policies for a perishable product subject to stochastic demand written by Steven Nahmias and published by . This book was released on 1972 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Brant Elias Fries
Publisher :
ISBN 13 :
Total Pages : 298 pages
Book Rating : 4.E/5 ( download)
Download or read book Optimal Ordering Policy for a Perishable Commodity with a Fixed Lifetime written by Brant Elias Fries and published by . This book was released on 1972 with total page 298 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Venkata Sree Raghuram Madduri
Publisher :
ISBN 13 :
Total Pages : 147 pages
Book Rating : 4.:/5 (613 download)
Download or read book Inventory Policies for Perishable Products with Fixed Shelf Lives written by Venkata Sree Raghuram Madduri and published by . This book was released on 2009 with total page 147 pages. Available in PDF, EPUB and Kindle. Book excerpt: The retail food industry has sales of over a trillion dollars. Most of these products are perishable in nature. This thesis deals with the development of multi period ordering policies for the perishable products with fixed shelf lives and finite replenishment lead times. In this thesis, simple ordering policies are developed by modifying the traditional EOQ model and base stock policies. The performance of both, the continuous review and periodic review policies, when applied to the perishable products with a fixed shelf life, is evaluated. Two categories of products--one with short shelf lives and another with long shelf lives are considered. Within each category, the shelf life, lead time, order quantity and review periods are varied. For a given shelf life and lead time, the best review periods and order quantities are identified. Both the continuous review and periodic review policies are evaluated using simulation models under three different distributions of demand, using cost and service levels as performance metrics. From the results of the simulations, the impact of product perishability on the EOQ ordering policies is studied. In the periodic review policy, it was found that the traditional EOQ base stock policy is optimal for the perishable products in almost all cases. For the continuous review policy, while perishability was not a factor, an increment of the computed EOQ value was found to be optimal due to lead time consideration. In general, with the proper choice of review periods and order quantities, the EOQ policies that are optimal for the non perishable products can also be used for the perishable products. Comparisons are also done between the relative performances of the periodic and continuous review policies. Overall, the continuous review policy gave a lower cost of operation for similar customer responsiveness measures.
Author : George Frederick Guetzlaff
Publisher :
ISBN 13 :
Total Pages : 164 pages
Book Rating : 4.:/5 (319 download)
Download or read book Optimal Inventory Policies for Perishable Items written by George Frederick Guetzlaff and published by . This book was released on 1972 with total page 164 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Can Zhang
Publisher :
ISBN 13 :
Total Pages : 59 pages
Book Rating : 4.:/5 (13 download)
Download or read book 2-Approximation Policies for Perishable Inventory Systems when FIFO Is an Optimal Issuing Policy written by Can Zhang and published by . This book was released on 2019 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: Motivated by a platelet inventory management problem, we study periodic-review, fixed-lifetime perishable inventory systems where demand is a general stochastic process. The optimal solution for this problem is computationally intractable due to the “curse of dimensionality”. In this paper, we first present an approximation policy that we call the marginal-cost dual-balancing policy for perishable inventory systems. We prove that when first-in-first-out (FIFO) is an optimal issuing policy, our proposed policy admits a constant worst-case performance bound of two, a tighter performance bound compared to the existing results presented in the perishable inventory literature. We then extend the literature on the optimality of the FIFO issuing policy and present new sufficient conditions to ensure the optimality of FIFO. Further, we present a tight example to show that the performance bound of two of the balancing policy can be achieved asymptotically when the unit shortage penalty goes to infinity (in which case the balancing policy tends to under-order). Motivated by this result, we anticipate that the balancing policy as well as other existing balancing-type policies presented in the literature may perform poorly when the unit shortage penalty becomes large (these policies all tend to under-order), and we present a new policy that we call the truncated-balancing policy to overcome this shortcoming. By combining our worst-case analysis ideas for the balancing policy with a structural property called L-natural-convexity, we prove that the truncated-balancing policy also has a worst-case performance guarantee of two when FIFO is an optimal issuing policy. Finally, we conduct extensive numerical analyses and show that the truncated-balancing policy has a significant performance improvement over the existing policies when the unit shortage penalty becomes (reasonably) large.
Author : Hossein Abouee Mehrizi
Publisher :
ISBN 13 :
Total Pages : 42 pages
Book Rating : 4.:/5 (13 download)
Download or read book Managing Perishable Inventory Systems with Multiple Demand Classes written by Hossein Abouee Mehrizi and published by . This book was released on 2018 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, we study a multi-period stochastic perishable inventory system with multiple demand classes that require products of different ages. The firm orders the product with a positive leadtime and sells it to multiple demand classes, each only accepting products with remaining lifetime longer than a threshold. In each period, after demand realization, the firm decides how to allocate the on-hand inventory to different demand classes with different backorder or lost-sale cost. At the end of each period, the firm can dispose inventory of any age. We formulate this problem as a Markov decision process and characterize the optimal ordering, allocation, and disposal policies. When unfulfilled demand is backlogged, we show that the optimal order quantity is decreasing in the inventory levels and is more sensitive to the inventory level of fresher products, the optimal allocation policy is a sequential rationing policy, and the optimal disposal policy is characterized by a set of thresholds. For the lost-sale case, we show that the optimal allocation and disposal policies have the same structure but the optimal ordering policy may be different. Based on the structure of the optimal policy, we develop an efficient heuristic that is at most 4% away from the optimal cost in our numerical examples. Using numerical studies, we show that the ordering and allocation policies are close to optimal even if the firm cannot intentionally dispose products. Moreover, ignoring the difference between demand classes and using a simple allocation policy (e.g., FIFO) can significantly increase the total cost. We examine how the firm can improve the control of perishable items and show that the benefit of decreasing the leadtime is more significant than that of increasing the lifetime of the products or that of decreasing the acceptance threshold of the demand. The analysis is extended to systems with age dependent disposal cost and stochastic supply.
Author : A. Dvoretzky
Publisher :
ISBN 13 :
Total Pages : 12 pages
Book Rating : 4.3/5 (91 download)
Download or read book Some Cases of Optimality of the (s, S) Policy in Inventory Theory written by A. Dvoretzky and published by . This book was released on 1957 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt: Loss functions are given for which there exist optimal two-level ordering policies (s,S) in one-stage inventory problems with an arbitrarily specified distribution of demand.
Author : Alain Bensoussan
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Optimal Ordering Policies for Inventory Problems with Dynamic Information Delays written by Alain Bensoussan and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Information delays exist when the most recent inventory information available to the Inventory Manager (IM) is dated. In other words, the IM observes only the inventory level that belongs to an earlier period. Such situations are not uncommon, and they arise when it takes a while to process the demand data and pass the results to the IM. We introduce dynamic information delays as a Markov process into the standard multiperiod stochastic inventory problem with backorders. We develop the concept of a reference inventory position. We show that this position observed delay and the age of this observation are sufficient statistics for finding the optimal order quantities. Furthermore, we establish that the optimal ordering policy is of state-dependent base-stock type with respect to the reference inventory position (or state-dependent (s, S) type if there is a fixed ordering cost). The optimal base stock and (s, S) levels depend on the magnitude of the latest observed delay and the age of this observation. Finally, we study the sensitivity of the optimal base stock and the optimal cost with respect to the sufficient statistics.
Author : G. Fandel
Publisher : Springer Science & Business Media
ISBN 13 : 3642681182
Total Pages : 689 pages
Book Rating : 4.6/5 (426 download)
Download or read book DGOR written by G. Fandel and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 689 pages. Available in PDF, EPUB and Kindle. Book excerpt: Die schon seit einigen Jahren beobachtbare erfreuliche Tendenz, daB die Jahrestagungen der Deutschen Gesellschaft fOr Operations Research zunehmend von allen Interessentengruppen . der Unternehmensforschung innerhalb sowie auBerhalb der Gesellschaft als willkommenes Forum fOr einen breiten, dabei aber zugleich auch intensiven wissenschaftlichen Meinungs- und Erfahrungsaustausch genutzt werden, hat sich auf der 9. Jahrestagung, die vom 24. bis 26. September 1980 in den Raumen der Universitat Essen durchgefOhrt wurde, fortgesetzt und weiter verstarkt. Dies zeigt sich allein schon dadurch, daB auf dieser von Ober 400 Teilnehmern besuchten 9. Jahrestagung 135 Vortrage gehalten wurden. Hinzu kamen der Eroffnungs-und der Plenarvortrag, die Hohepunkte der Tagung darstellten und fOr die ein auf nationaler Ebene renommierter Praktiker sowie ein international angesehener Wissenschaftler des Opera tions Research gewonnen werden konnten. Der hiermit vorgelegte Pro ceedings-Band, der erstmals!1" Springer-Verlag erscheint, gibt einen Oberblick Ober das wissenschaftliche Programm dieser 9. Jahrestagung. Bei der Vielzahl der eingegangenen Vortragsanmeldungen konnte - wie auch schon in den beiden Jahren zuvor - durch die Einordnung der Beitrage in 26 Sektionen eine fruchtbare Fachdiskussion zwischen Vertre tern der Hochschule und der Praxis auf den unterschiedlichen Teildiszipli nen des Operations Research ermoglicht werden. Zugleich wurde damit auch den interessierten Zuhorern ein nach bewahrten Themengebieten strukturiertes reichhaltigesAuswahlangebot gemacht, das in dieserVielfalt gerne aufgenommen worden ist. Dabei lieBen sich gemaB der inhaltlichen Bezeichnung und vortragsmaBigen Gestaltung der Sektionen zwei durch aus begrOBenswerte Entwicklungsrichtungen des Operations Research erkennen.
Author : Nita H. Shah
Publisher : Springer Nature
ISBN 13 : 9811396981
Total Pages : 470 pages
Book Rating : 4.8/5 (113 download)
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.
Author : Lawrence William Robinson
Publisher :
ISBN 13 :
Total Pages : 50 pages
Book Rating : 4.E/5 ( download)
Download or read book Appropriate Inventory Policies when Service Affects Future Demands written by Lawrence William Robinson and published by . This book was released on 1990 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Karl G. Kempf
Publisher : Springer Science & Business Media
ISBN 13 : 1441964851
Total Pages : 652 pages
Book Rating : 4.4/5 (419 download)
Download or read book Planning Production and Inventories in the Extended Enterprise written by Karl G. Kempf and published by Springer Science & Business Media. This book was released on 2011-01-12 with total page 652 pages. Available in PDF, EPUB and Kindle. Book excerpt: In two volumes, Planning Production and Inventories in the Extended Enterprise: A State of the Art Handbook examines production planning across the extended enterprise against a backdrop of important gaps between theory and practice. The early chapters describe the multifaceted nature of production planning problems and reveal many of the core complexities. The middle chapters describe recent research on theoretical techniques to manage these complexities. Accounts of production planning system currently in use in various industries are included in the later chapters. Throughout the two volumes there are suggestions on promising directions for future work focused on closing the gaps.
Author : Robert W. Krahl
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (718 download)
Download or read book Computation of Optimal Ordering Policies for Stochastic Price-break Inventory Models written by Robert W. Krahl and published by . This book was released on 1969 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Yuhe Diao
Publisher :
ISBN 13 :
Total Pages : 61 pages
Book Rating : 4.:/5 (13 download)
Download or read book Stochastic Perishable Inventory Systems written by Yuhe Diao and published by . This book was released on 2016 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study a single-item, multi-period, stochastic perishable inventory problem under both backlogging and lost-sales circumstances, with and without an order capacity constraint in each period. We first model the problem as a dynamic program and then develop two heuristics namely, Dual-Balancing (DB) and Look-Ahead (LA) policies, to approximate the optimal inventory level at the beginning of each period. To characterize the holding and backlog cost functions under the proposed polices, we introduce a truncated marginal holding cost for the marginal cost accounting scheme. Our numerical examples demonstrate that both DB and LA policies have a possible worst-case performance guarantee of two in perishable inventory systems under different assumptions, and the LA policy significantly outperforms the DB policy in most situations. We also analyze the target inventory level in each period (the inventory level at the beginning of each period) under different policies. We observe that the target inventory level under the LA policy is not larger than the optimal one in each period in systems without an order capacity constraint.
