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| Author | : Bryan L. Deuermeyer |
| Publisher | : |
| Total Pages | : 31 |
| Release | : 1977 |
| Genre | : Inventory control |
| ISBN | : |
| Author | : Hossein Abouee Mehrizi |
| Publisher | : |
| Total Pages | : 42 |
| Release | : 2018 |
| Genre | : |
| ISBN | : |
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 | : |
| Publisher | : |
| Total Pages | : 672 |
| Release | : 1981 |
| Genre | : Economic research |
| ISBN | : |
| Author | : Krannert Graduate School of Industrial Administration. Institute for Research in the Behavioral, Economic, and Management Sciences |
| Publisher | : |
| Total Pages | : 36 |
| Release | : 1978 |
| Genre | : Economics |
| ISBN | : |
| Author | : Ke Fu |
| Publisher | : |
| Total Pages | : 0 |
| Release | : 2019 |
| Genre | : |
| ISBN | : |
Motivated by emerging practice in the cut flower industry, we consider a periodic-review inventory system for a perishable product with a lifetime of two periods. There are two separate customer demands for the new product with two-period remaining lifetime and the old product with one-period remaining lifetime, and a fixed proportion of the unsatisfied demand for one product will purchase the other product as a substitute. One distinctive feature of our system is that a random portion of the sold new product is returned and can be remanufactured and re-marketed as the old product for sale. The objective is to maximize the expected total discounted profit over a finite planning horizon. We show that the optimal remanufacturing policy is a modified base-stock policy, and that the optimal manufacturing quantity of the new product decreases in the inventory level of the old product after remanufacturing. Furthermore, when the inventory level of the old product is large, the optimal manufacturing quantity asymptotically approaches a constant, which is lower and upper bounded by two newsvendor fractile solutions. We also conduct a numerical study to derive insights into the effects of remanufacturing and demand substitution. In particular, we show that remanufacturing can be a powerful way of mitigating negative environmental impacts in the cut flower industry. Finally, we discuss two model extensions that allow a joint production capacity and a multi-period lifetime.
| Author | : Edward A. Silver |
| Publisher | : CRC Press |
| Total Pages | : 810 |
| Release | : 2016-12-19 |
| Genre | : Business & Economics |
| ISBN | : 1466558628 |
Authored by a team of experts, the new edition of this bestseller presents practical techniques for managing inventory and production throughout supply chains. It covers the current context of inventory and production management, replenishment systems for managing individual inventories within a firm, managing inventory in multiple locations and firms, and production management. The book presents sophisticated concepts and solutions with an eye towards today’s economy of global demand, cost-saving, and rapid cycles. It explains how to decrease working capital and how to deal with coordinating chains across boundaries.
| Author | : Xi Chen |
| Publisher | : Springer Nature |
| Total Pages | : 444 |
| Release | : 2022-09-20 |
| Genre | : Business & Economics |
| ISBN | : 3031019261 |
This book examines recent developments in Operations Management, and focuses on four major application areas: dynamic pricing, assortment optimization, supply chain and inventory management, and healthcare operations. Data-driven optimization in which real-time input of data is being used to simultaneously learn the (true) underlying model of a system and optimize its performance, is becoming increasingly important in the last few years, especially with the rise of Big Data.
| Author | : Mahya Hemmati |
| Publisher | : CRC Press |
| Total Pages | : 248 |
| Release | : 2021-07-16 |
| Genre | : Technology & Engineering |
| ISBN | : 1000406970 |
In today’s competitive markets, considering the demand and the supply chain sides is crucial to keeping revenue and customer satisfaction maximized. Managing and planning demand play a vital role in the sustainability of a company. This is the first book to the discuss managerial, mathematical, and conceptual framework of influencing factors on demand along with accurate mathematical analyses to evaluate and raise revenue. The book provides an understanding of the key elements that impact buyer demand. It presents the mathematical relationship between the influencing factors and the demand functions. It discusses the methods used for inspiring demand, how to measure demand dependency on components such as price, quality, and inventory, and it helps management improve alignment between supply and demand by affecting the level and understanding of the role within supply chain management (SCM). This book is applicable for the professional as well as for academia. It can help those working in SCM, project management, production, inventory control, scheduling, engineering management, retail management, and operations management.
| Author | : J. Christian Lang |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 271 |
| Release | : 2009-11-25 |
| Genre | : Business & Economics |
| ISBN | : 3642042473 |
Quantitativeapproachesforsolvingproductionplanningandinventorymanagement problems in industry have gained growing importance in the past years. Due to the increasinguse of AdvancedPlanningSystems, a widespreadpracticalapplicationof the sophisticated optimization models and algorithms developed by the Production Management and Operations Research community now seem within reach. The possibility that productscan be replaced by certain substitute productsexists in various application areas of production planning and inventory management. Substitutions can be useful for a number of reasons, among others to circ- vent production and supply bottlenecks and disruptions, increase the service level, reduce setup costs and times, and lower inventories and thereby decrease ca- tal lockup. Considering the current trend in industry towards shorter product life cycles and greater product variety, the importance of substitutions appears likely to grow. Closely related to substitutions are ?exible bills-of-materials and recipes in multi-level production systems. However, so far, the aspect of substitutions has not attracted much attention in academic literature. Existing lot-sizing models matching complex requirements of industrial optimization problems (e.g., constrained capacities, sequence-dependent setups, multiple resources) such as the Capacitated Lot-Sizing Problem with Sequence-Dependent Setups (CLSD) and the General Lot-Sizing and Scheduling Problem for Multiple Production Stages (GLSPMS) do not feature in substitution options.
| Author | : Shruti Jain (Associate professor of electronics and communication engineering) |
| Publisher | : Springer Nature |
| Total Pages | : 715 |
| Release | : |
| Genre | : Biomedical engineering |
| ISBN | : 981998646X |
The book contains proceedings of the International Conference on Emergent Converging Technologies and Biomedical Systems ETBS 2023. It includes papers on wireless multimedia networks, green wireless networks, electric vehicles, biomedical signal processing, and instrumentation, wearable sensors for health care monitoring, biomedical imaging, and bio-materials, modeling, and simulation in medicine biomedical, and health informatics. The book serves as a useful guide for educators, researchers, and developers working in the areas of signal processing, imaging, computing, instrumentation, artificial intelligence, and their related applications. This book also provides support and aid to the researchers involved in designing the latest advancements in healthcare technologies.
