The Impact of Demand Correlation on Replenishment Policies for Multi-Product Stochastic Inventory Systems with Joint-Replenishment Costs PDF Download
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Author: Haolin Feng
Publisher:
ISBN:
Category :
Languages : en
Pages : 30
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Book Description
This paper analyzes optimal replenishment policies that minimize expected discounted cost of multi-product stochastic inventory systems. The distinguishing feature of the multi-product inventory system that we analyze is the existence of correlated demand and joint-replenishment costs across multiple products. While prior literature on multi-product stochastic inventory systems has focused on computation of heuristic policies that decouple the N product problem to N single product problems, our focus is on computing and finding the structure of the optimal policies for multi-product inventory systems, particularly when demand is correlated across products. The problem is formulated as a Markov Decision Process (MDP). A method to compute the optimal policy that uses a moving boundary based policy improvement scheme is proposed. Numerical examples show that the (s, c, d, S) policy closely approximates the optimal policy, and can significantly outperform the (s, c, S), P (s, S) and Q(s, S) policies analyzed in prior literature which assume independent demand.
Author: Haolin Feng
Publisher:
ISBN:
Category :
Languages : en
Pages : 30
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Book Description
This paper analyzes optimal replenishment policies that minimize expected discounted cost of multi-product stochastic inventory systems. The distinguishing feature of the multi-product inventory system that we analyze is the existence of correlated demand and joint-replenishment costs across multiple products. While prior literature on multi-product stochastic inventory systems has focused on computation of heuristic policies that decouple the N product problem to N single product problems, our focus is on computing and finding the structure of the optimal policies for multi-product inventory systems, particularly when demand is correlated across products. The problem is formulated as a Markov Decision Process (MDP). A method to compute the optimal policy that uses a moving boundary based policy improvement scheme is proposed. Numerical examples show that the (s, c, d, S) policy closely approximates the optimal policy, and can significantly outperform the (s, c, S), P (s, S) and Q(s, S) policies analyzed in prior literature which assume independent demand.
Author: Shrutivandana Sharma
Publisher:
ISBN:
Category :
Languages : en
Pages : 44
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Book Description
Mismatch between supply and demand when the uncertainty of the demand is high and the supply lead time is relatively long such as seasonal good markets can result in high overstocking and understocking costs. In this paper we propose proactive transshipment as a powerful mechanism to mitigate the mismatch between the supply and demand. We consider a finite horizon multi-period inventory system where in each period two retailers have the options to replenish their inventory from a supplier (if there is any supply) or via proactive transshipment from the other retailer. Each retailer observes non-negative stochastic demand with general distribution during the season and incurs overstocking/understocking costs as well as costs for replenishment and transshipment which may be time dependent. We study a stochastic control problem where the objective is to determine the optimal joint replenishment and proactive transshipment policies so as to minimize the total expected cost over the season. We characterize the structure of the optimal policy, and show that, unlike the known order-up-to level inventory policy, the optimal ordering policy in each period is determined based on two switching curves. Similarly, the optimal transshipment policy is also identified by two switching curves. These four curves together partitions the optimal joint ordering and transshipment polices to eight regions where in each region the optimal policy is an order-up-to-curve policy. We demonstrate that the structure of the optimal policy holds for any known sequence and combination of ordering and proactive transshipment over time. We also show that in the optimal policy retailers try to share the risk of the overstocking and understocking costs.
Author: Marc De Bodt
Publisher: Palala Press
ISBN: 9781378920930
Category : History
Languages : en
Pages : 60
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Book Description
This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work. This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work. As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Author: Marc de Bodt
Publisher:
ISBN: 9781332256280
Category : Business & Economics
Languages : en
Pages : 58
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Book Description
Excerpt from Continuous-Review Policies for a Multi-Echelon Inventory Problem With Stochastic Demand Continuous-Review Policies for a Multi-Echelon Inventory Problem With Stochastic Demand was written by Marc de Bodt and Stephen C. Graves in 1982. This is a 58 page book, containing 5607 words and 5 pictures. Search Inside is enabled for this title. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
Author: Alfred Angerer
Publisher: Springer Science & Business Media
ISBN: 3835091298
Category : Business & Economics
Languages : en
Pages : 230
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Book Description
Drawing on several interviews and a comprehensive statistical analysis, Alfred Angerer proves the effectiveness of such ASR systems. The following questions are adressed: Which types of ASR system exist? What are the exact benefits of ASR systems? Which variables influence the ASR performance? Which ASR system is best suited for each product? How does a company best implement ASR systems?
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: Institute for Operations Research and the Management Sciences. National Meeting
Publisher:
ISBN:
Category : Industrial management
Languages : en
Pages : 644
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Book Description
Author: Marcus Josephine Guilaume Eijs
Publisher:
ISBN:
Category :
Languages : en
Pages : 44
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Book Description
Author:
Publisher:
ISBN:
Category : Engineering
Languages : en
Pages : 2264
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Book Description
Since its creation in 1884, Engineering Index has covered virtually every major engineering innovation from around the world. It serves as the historical record of virtually every major engineering innovation of the 20th century. Recent content is a vital resource for current awareness, new production information, technological forecasting and competitive intelligence. The world?s most comprehensive interdisciplinary engineering database, Engineering Index contains over 10.7 million records. Each year, over 500,000 new abstracts are added from over 5,000 scholarly journals, trade magazines, and conference proceedings. Coverage spans over 175 engineering disciplines from over 80 countries. Updated weekly.
Author: Vedran Kordic
Publisher: BoD – Books on Demand
ISBN: 390261322X
Category : Business & Economics
Languages : en
Pages : 582
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Book Description
Traditionally supply chain management has meant factories, assembly lines, warehouses, transportation vehicles, and time sheets. Modern supply chain management is a highly complex, multidimensional problem set with virtually endless number of variables for optimization. An Internet enabled supply chain may have just-in-time delivery, precise inventory visibility, and up-to-the-minute distribution-tracking capabilities. Technology advances have enabled supply chains to become strategic weapons that can help avoid disasters, lower costs, and make money. From internal enterprise processes to external business transactions with suppliers, transporters, channels and end-users marks the wide range of challenges researchers have to handle. The aim of this book is at revealing and illustrating this diversity in terms of scientific and theoretical fundamentals, prevailing concepts as well as current practical applications.
