Periodic Review Inventory Control and Dynamic Pricing for Perishable Product Under Uncertain and Time Dependent Demand PDF Download
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Author: Sajjad Rahimi
Publisher:
ISBN:
Category : Inventory control
Languages : en
Pages : 154
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Book Description
Author: Sajjad Rahimi
Publisher:
ISBN:
Category : Inventory control
Languages : en
Pages : 154
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Book Description
Author: Halit Bayer
Publisher:
ISBN:
Category : Inventory control
Languages : en
Pages : 162
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Book Description
Author: Suresh Chandra Satapathy
Publisher: Springer
ISBN: 8132227557
Category : Technology & Engineering
Languages : en
Pages : 735
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Book Description
The third international conference on INformation Systems Design and Intelligent Applications (INDIA – 2016) held in Visakhapatnam, India during January 8-9, 2016. The book covers all aspects of information system design, computer science and technology, general sciences, and educational research. Upon a double blind review process, a number of high quality papers are selected and collected in the book, which is composed of three different volumes, and covers a variety of topics, including natural language processing, artificial intelligence, security and privacy, communications, wireless and sensor networks, microelectronics, circuit and systems, machine learning, soft computing, mobile computing and applications, cloud computing, software engineering, graphics and image processing, rural engineering, e-commerce, e-governance, business computing, molecular computing, nano-computing, chemical computing, intelligent computing for GIS and remote sensing, bio-informatics and bio-computing. These fields are not only limited to computer researchers but also include mathematics, chemistry, biology, bio-chemistry, engineering, statistics, and all others in which computer techniques may assist.
Author: Federico Solari
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
A multi-period inventory management model for perishables is developed using a simulation approach. Single-product scenario and periodic review policy are assumed, considering uniform demand, non-null deterministic lead time, fixed shelf life and service level constraints.Simulation is used to determine the optimal operating leverages, namely order-up-to-level (OUTL) and reorder period (DT), which minimize the total cost under service level restrictions. Seven input factors related to managerial aspects and product characteristics, and three output responses are considered during the simulation campaign based on Design of Experiments. Analysis of Variance is performed to identify the significant parameters. The results show that the optimal operating leverages depend on all the input factors, except for the stock-out cost. Furthermore, the shelf life results to be significant only below a given (critical) value, that depends on the specific context; for higher shelf life values the products could be treated as non-perishable, from an inventory management point of view.The significant parameters are then embodied in predictive polynomial models, according to Response Surface Methodology, for the estimation of the optimal levels of OUTL and DT, able to meet the service level constraints at the minimum cost. These models present various advantages for industrial decision-makers, thanks to the capability of providing instantaneous estimates of optimal OUTL and DT, and to their suitability for being implemented in advanced management tools, including the development of digital twins. Finally, the models are validated by simulating additional case studies, whose outcomes are compared with those returned by the estimate.
Author: Steven Nahmias
Publisher: Springer Science & Business Media
ISBN: 1441979999
Category : Business & Economics
Languages : en
Pages : 89
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Book Description
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: Elodie Adida
Publisher: VDM Publishing
ISBN: 9783836421430
Category : Business & Economics
Languages : en
Pages : 288
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Book Description
(cont.) We introduce and study a solution method that enables to compute the optimal solution on a finite time horizon in a monopoly setting. Our results illustrate the role of capacity and the effects of the dynamic nature of demand. We then introduce an additive model of demand uncertainty. We use a robust optimization approach to protect the solution against data uncertainty in a tractable manner, and without imposing stringent assumptions on available information. We show that the robust formulation is of the same order of complexity as the deterministic problem and demonstrate how to adapt solution method. Finally, we consider a duopoly setting and use a more general model of additive and multiplicative demand uncertainty. We formulate the robust problem as a coupled constraint differential game. Using a quasi-variational inequality reformulation, we prove the existence of Nash equilibria in continuous time and study issues of uniqueness. Finally, we introduce a relaxation-type algorithm and prove its convergence to a particular Nash equilibrium (normalized Nash equilibrium) in discrete time.
Author: Biswajit Sarkar
Publisher: MDPI
ISBN: 303928522X
Category : Technology & Engineering
Languages : en
Pages : 618
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Book Description
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.
Author: Thomas Wensing
Publisher: Springer Science & Business Media
ISBN: 3642204791
Category : Business & Economics
Languages : en
Pages : 159
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Book Description
The focus of the work is twofold. First, it provides an introduction into fundamental structural and behavioral aspects of periodic review inventory systems. Second, it includes a comprehensive study on analytical and optimization aspects of a specific class of those systems. For the latter purpose, general solution methods for problems of inventory management in discrete time are described and developed along with highly specialized methods to solve very specific problems related to the model variants examined. The work is thus addressed to students and practitioners who seek a deeper understanding of managing inventories in discrete time as well as to software developers who require implementation aids on specific problems of inventory management.
Author: Rui Yin
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
We consider the joint pricing and inventory control problem for a single product with a finite horizon and periodic review. The demand distribution in each period is determined by an exogenous Markov chain. Pricing and ordering decisions are made at the beginning of each period and all shortages are backlogged. The surplus costs as well as fixed and variable costs are state dependent. We show the existence of an optimal (s, S, p)-type feedback policy for the additive demand model. We extend the model to the case of emergency orders and also incorporate capacity and service level constraints. We compute the optimal policy for a class of Markovian demand and illustrate the benefits of dynamic pricing over fixed pricing strategies through numerical examples. The results indicate that it is more beneficial to implement the dynamic pricing strategy in a Markovian demand environment with a high fixed ordering cost or with high demand uncertainty.
Author: Guang Xiao
Publisher:
ISBN:
Category :
Languages : en
Pages : 38
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Book Description
We consider a periodic review joint pricing and inventory control model in which a firm faces both stochastic demand and fluctuating procurement costs. To address procurement cost fluctuation, the firm adopts a dual-sourcing strategy, under which it procures from a spot market with immediate delivery and through a forward-buying contract with postponed delivery. Our analysis offers the unique insight that a risk-neutral firm may earn higher expected profit under a more volatile procurement cost process. This is because the firm makes its pricing and sourcing decisions in response to the realized cost in each period. Moreover, we characterize how the firm should dynamically adjust its pricing and sourcing decisions in accordance to cost evolution. For example, if sourcing through the forward-buying contract is less expensive than sourcing directly from the spot market, the optimal safety stock is decreasing in the current spot market purchasing cost. However, the optimal order quantity through the forward-buying contract is, in general, not monotone in the current spot-purchasing cost. Finally, we conduct extensive numerical experiments to show that dynamic pricing and dual-sourcing may be either strategic complements or substitutes in the presence of fluctuating procurement costs and uncertain demand. This is because dynamic pricing mitigates demand uncertainty risk and exploits procurement cost fluctuation, while dual-sourcing may either intensify or dampen demand risk.
