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Optimality For A Class Of Perishable Inventory Policies Under Stochastic Demand Microform
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Author :M. (Myron) Hlynka Publisher :Ann Arbor, Mich. : University Microfilms International ISBN 13 : Total Pages :176 pages Book Rating :4.:/5 (647 download)
Book Synopsis Optimality for a Class of Perishable Inventory Policies Under Stochastic Demand [microform] by : M. (Myron) Hlynka
Download or read book Optimality for a Class of Perishable Inventory Policies Under Stochastic Demand [microform] written by M. (Myron) Hlynka and published by Ann Arbor, Mich. : University Microfilms International. This book was released on 1985 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Optimal and approximate ordering policies for a perishable product subject to stochastic demand by : Steven Nahmias
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:
Book Synopsis Managing Perishable Inventory Systems with Multiple Demand Classes by : Hossein Abouee Mehrizi
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.
Book Synopsis 2-Approximation Policies for Perishable Inventory Systems when FIFO Is an Optimal Issuing Policy by : Can Zhang
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.
Book Synopsis Optimal Inventory Policies when the Demand Distribution is not Known by : Mr.Sunil Sharma
Download or read book Optimal Inventory Policies when the Demand Distribution is not Known written by Mr.Sunil Sharma and published by INTERNATIONAL MONETARY FUND. This book was released on 2000-11-01 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the stochastic inventory control problem when the demand distribution is not known. In contrast to previous Bayesian inventory models, this paper adopts a non-parametric Bayesian approach in which the firm’s prior information is characterized by a Dirichlet process prior. This provides considerable freedom in the specification of prior information about demand and it permits the accommodation of fixed order costs. As information on the demand distribution accumulates, optimal history-dependent (s,S) rules are shown to converge to an (s,S) rule that is optimal when the underlying demand distribution is known.
Download or read book Canadiana written by and published by . This book was released on 1987 with total page 1186 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :Mustafa Karakul Publisher :National Library of Canada = Bibliothèque nationale du Canada ISBN 13 :9780612916296 Total Pages :250 pages Book Rating :4.9/5 (162 download)
Book Synopsis Combined Pricing and Procurement Decisions in Stochastic Inventory Control Theory [microform] by : Mustafa Karakul
Download or read book Combined Pricing and Procurement Decisions in Stochastic Inventory Control Theory [microform] written by Mustafa Karakul and published by National Library of Canada = Bibliothèque nationale du Canada. This book was released on 2004 with total page 250 pages. Available in PDF, EPUB and Kindle. Book excerpt: The classic Newsvendor Problem considers a single perishable product over a single period model. The per unit revenue, procurement, underage and overage costs are linear. Facing stochastic demand, the objective is to find the optimal procurement quantity so as to maximize the expected profit. It was shown in the literature that if the pricing decision is incorporated into the Newsvendor problem, the expected profit function loses its concavity property, but can be reduced to a single variable function. Moreover, with mild assumptions on the demand distribution, the objective function has at most two stationary points. In this thesis, by taking into account the bounds on the price that is inherent from the linear price-demand relationship, we show that the single variable expected profit function is in fact unimodal. We then extend the same result to a model that incorporates a second category of customers, who buy the end of period excess inventory in bulk and at a fixed discount price. The second extension of the basic Newsvendor with pricing model considers the launching of a new product that can be used to substitute a well-established product. Given the price of the existing product, the objective is to determine the price of the new product, and the procurement quantities of both products so as to maximize the expected profit over a single period. We show that an optimal solution can be found by solving O(n) number of single variable optimization problems, where n is the number of values the demand of the existing product can take. Moreover, under the same mild assumptions on the demand of the new product as the previous two models, each of these single variable functions has at most one stationary point that is a local maximum. We also show that, besides the expected profit, both the price and the procurement quantity of the new product are higher when it is offered as a substitute. This thesis attempts to put another building block to the bridge that connects Production/Operations Management, Marketing and Economics disciplines. We consider stochastic inventory control models that combine pricing and procurement decisions. Moreover, we specifically investigate the potential of using product substitution as a sales strategy in one of these models. Numerical studies are done to illustrate the potential profit benefit that can be achieved through integrating pricing and substitution decisions into stochastic inventory control models.
Book Synopsis Stochastic Perishable Inventory Systems by : Yuhe Diao
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.
Book Synopsis Optimal Inventory Policies for Perishable Items by : George Frederick Guetzlaff
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:
Book Synopsis Optimal Ordering Policies Under Stochastic Demand by : James M. Tien
Download or read book Optimal Ordering Policies Under Stochastic Demand written by James M. Tien and published by . This book was released on 1967 with total page 144 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Optimal Inventory Model for Managing Demand-supply Mismatches for Perishables with Stochastic Supply by : Vishwanathan Parameshwaran lyer Nurani
Download or read book Optimal Inventory Model for Managing Demand-supply Mismatches for Perishables with Stochastic Supply written by Vishwanathan Parameshwaran lyer Nurani and published by . This book was released on 2019 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: While festivals bring a reason to cheer for everyone, businesses dealing with a spike in demand for perishables may have to live with the misery of lost sales and/or expired items. In the case of the dairy industry that deals with liquid milk, both raw material, and finished goods are perishable, which implies that merely stockpiling inventory of either item, without paying attention to potential inventory losses, cannot be an optimal strategy. In developing countries, the supplier base for perishables like milk, fruits, vegetables, flowers, etc. mostly comprise of small farmers instead of corporate/professional agencies, thus leading to supply variability. During special occasions like festivals, as individuals set aside more of the raw material for their own consumption, we encounter a reduction in supply. Around the same time, we notice a spike in customer demand, leading to a demand-supply mismatch. Companies dealing with perishables need an analytical approach to manage this. In this thesis, we present a framework to address this problem of intermittent demand-supply mismatch using a 3-stage stochastic optimization model. We decide on the sourcing targets, the production plans based on supply realized, and finally, the dispatch plan based on orders received. As a case study, we analyze the operations and data from a private dairy company in eastern India, to understand the research problem and the applicability of the resulting model. We notice the impact of demand spikes and supply reduction in two areas: we increase supply targets in the periods preceding the demand spike; and we increase supply targets in periods when supply is expected to decrease, while demand is as usual. When there are multiple festival days within the time series, the compounding of impact depends on the sequencing of the events. Finally, when we introduce the realistic constraint that the supply target needs to be constant throughout the time series, we see a degradation in the profitability, as we need to tradeoff between lost sales and wasted products. While the focus of this case study is the dairy industry, the conclusions from this research are broadly applicable to other industries dealing with perishables.
Book Synopsis Perishable Inventory Problems by : Huanan Zhang
Download or read book Perishable Inventory Problems written by Huanan Zhang and published by . This book was released on 2017 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We develop the first nonparametric learning algorithm for periodic-review perishable inventory systems. In contrast to the classical perishable inventory literature, we assume that the firm does not know the demand distribution a priori and makes replenishment decision in each period based only on the past sales (censored demand) data. It is well-known that even with complete information about the demand distribution a priori, the optimal policy for this problem does not possess a simple structure. Motivated by the studies in the literature showing that base-stock policies perform near-optimal in these systems, we focus on finding the best base-stock policy. We first establish a convexity result, showing that the total holding, lost-sales and outdating cost is convex in the base-stock level. Then, we develop a nonparametric learning algorithm that generates a sequence of order-up-to levels whose running average cost converges to the cost of the optimal base-stock policy. We establish a square-root convergence rate of the proposed algorithm, which is the best possible. Our algorithm and analyses require a novel method for computing a valid cycle subgradient and the construction of a bridging problem, which significantly departs from previous studies.
Book Synopsis Optimal Inventory Policies When the Demand Distribution is Not Known by : Sunil Sharma
Download or read book Optimal Inventory Policies When the Demand Distribution is Not Known written by Sunil Sharma and published by . This book was released on 2005 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the stochastic inventory control problem when the demand distribution is not known. In contrast to previous Bayesian inventory models, this paper adopts a non-parametric Bayesian approach in which the firm's prior information is characterized by a Dirichlet process prior. This provides considerable freedom in the specification of prior information about demand and it permits the accommodation of fixed order costs. As information on the demand distribution accumulates, optimal history-dependent (s,S) rules are shown to converge to an (s,S) rule that is optimal when the underlying demand distribution is known.
Book Synopsis Heuristics for Perishable Inventory Systems Under Mixture Issuance Policies by : Jingying Ding
Download or read book Heuristics for Perishable Inventory Systems Under Mixture Issuance Policies written by Jingying Ding and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We consider a periodic review inventory control problem of perishable goods with a fixed lifetime. Instead of considering either FIFO or LIFO issuance policy, we incorporate customers' behavior in the retail setting using a mixture of FIFO and LIFO issuance policy. First, we characterize properties of inventory transitions under a mixture of FIFO and LIFO policies and show that the sequence of demand arrival does not influence the inventory state at the end of the period. Second, we study the properties of optimal solutions under different issuance policies to gain insights for heuristic designs under mixture issuance policies. Third, we propose a two-stage heuristic for the LIFO policy, demonstrating its approximation accuracy through comparison with optimal solutions. Building on this, we design an effective heuristic for the mixture issuance policy by combining heuristics for both FIFO and LIFO policies. The numerical experiments with stationary and nonstationary demand validate the performance of our proposed heuristics against alternative heuristics across various issuance policies.
Book Synopsis Comprehensive Dissertation Index by :
Download or read book Comprehensive Dissertation Index written by and published by . This book was released on 1989 with total page 1116 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Dissertation Abstracts International by :
Download or read book Dissertation Abstracts International written by and published by . This book was released on 2006 with total page 780 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Introduction to Computational Optimization Models for Production Planning in a Supply Chain by : Stefan Voß
Download or read book Introduction to Computational Optimization Models for Production Planning in a Supply Chain written by Stefan Voß and published by Springer Science & Business Media. This book was released on 2013-06-05 with total page 239 pages. Available in PDF, EPUB and Kindle. Book excerpt: An easy-to-read introduction to the concepts associated with the creation of optimization models for production planning starts off this book. These concepts are then applied to well-known planning models, namely mrp and MRP II. From this foundation, fairly sophisticated models for supply chain management are developed. Another unique feature is that models are developed with an eye toward implementation. In fact, there is a chapter that provides explicit examples of implementation of the basic models using a variety of popular, commercially available modeling languages.
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