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The management of supply risks has become a highly critical component of supply chain management. Supply failures effect on the supply chain can be costly and lead to significant customer delivery delays. Inventory management is an important tool to mitigate the risks arising due to these failures. But there has always been a confusion on which inventory method will be best for such situations and...
There are relationships between firm's operational activities and financing decisions. Goods is a base for operation management, while trade credit plays an important role in firm's financing decision. This paper integrates these two important concepts through inventory decision. By introducing the factors, such as financial distress cost and bargaining power, this paper discusses how firm make his...
To maintain a high level of service Original Equipment Manufacturers (OEMs) provide more generous return policies for their products. However, discarding returned parts is neither economical nor environmentally desirable. As a result there is a great need for policies on remanufacturing aftermarket products from returned units. Two of the factors that affect justification of setting up after-market...
In the practical situation, market demand information is always fuzzy and expressed by fuzzy language. The existing inventory decision problems under fuzzy demand information are expanded to inventory coordination of the whole supply chain. And mathematical model of joint inventory coordination mechanism of supply chain under fuzzy demand information is proposed. A kind of transfer payment mechanism...
In this paper, we discuss the loss-averse newsvendor problem. Firstly, we develop a basic model in which the service-level constraint is not considered. And we get the optimal order quantity and the optimal expected utility under the basic model. Then, we add a service-level constraint into the basic model. And we also get the unique optimal order quantity and the optimal expected utility. Furthermore,...
This paper investigates the dispatch polices for integrated inventory and transportation decisions. There are two different types of such police which called time-based and quantity-based polices. Considering the case of stochastic demand, the paper presents numerical results about two models. And the way of commodities management is supplied.
This paper investigates the newsvendor model with advertise-setting. The retailer faces stochastic advertisement sensitive demands, she has to make the advertising and inventory decisions before the demand is realized. First, we establish the regular condition for the model and a sufficient condition under which the optimal advertising decision is no more than its risk-less counterpart. Next, we show...
In recent years, many researchers focus their studies on developing practical economic production quantity (EPQ) models. This paper develops an EPQ deteriorating item model with machine breakdown and stochastic repair time. A numerical example and sensitivity analysis are given to illustrate the theory. The results show that production rate and demand rate are the most sensitive parameters to the...
Repairable inventory is an important research field of improving operational readiness and reducing LCC (life cycle cost) for equipments. In spite of the sophisticated models and techniques were developed to manage the spares parts inventory in a multi-echelon system successfully, some restrictions still exist on its application to real case problems. To surpass some of these limitations a simulation...
Efficient management of inventory in supply chains is critical to the profitable operation of modern enterprises. The supply/demand networks characteristic of discrete-parts industries represent highly stochastic, nonlinear, and constrained dynamical systems whose study merits a control-oriented approach. Minimum variance control (MVC) strategy is applied to solve the dynamic optimization problems...
The collaborative forecasting model is introduced into the inventory replenishment strategies of the supplier and the retailer. And the inventory model of two-level supply chain is constructed in our study. This two-level supply chain is consisted of one supplier and multiple retailers. We analyze the inventory replenishment model that maximizes the total profits of the whole supply chain, with respect...
This paper deals with a two-echelon inventory system consisting of one supplier and N retailers. Each retailer faces an independent Poisson demand with the same rate and applies a new ordering policy called one-for-one-period ordering policy for its inventory control. In this ordering policy the order size is equal to one and the time interval between any two consecutive orders forms a common fixed...
We consider the simulation of constrained optimization problem, the (s, S) inventory system with stochastic lead-time and a service level constraint. We allow the orders to cross in time, which makes the problem more complicated. Bashyam and Fu (1998) first present this problem and obtained the answer by using perturbation analysis. Angun, Gurken, Hertog and Kleijnen (2006) studied the same question...
The classic newsvendor problem is to make a single - period procurement decision of a single product under stochastic demands. The newsvendor problem with advertising decision provides an important means to examine how operational problems interacts with marketing issues to influence decision-making at the firm level. When a newsvendor faces stochastic advertisement-sensitive demands, he has to make...
In recent decades, for the pressure of the environmental legislations, the economical interesting and the conscious of environment, many producers have to take their products back after used. The product tack back (PTB) program would bring economic burden to the producers, while many of the returned products have economic value and could be remanufactured to satisfy the market demand. Inventory management...
An optimizing model for studying production- inventory policy with service level constraints is proposed. To realize the integrative decision of service level and production point, the service level in a supply chain is defined as the probability of satisfying product demand in each planning period. Inventory variation under stochastic demand is analyzed, and the average inventory in each planning...
Consider a two-echelon supply chain with one supplier and one retailer, and the products are perishable and sold over a single selling season. According to the classical newsvendor model, the retailer traditionally can only order products before the selling season. This paper discusses a situation in which the retailer can place a second order in the selling season. And supply chain members' optimal...
In supply chain management, the inventory management of materials, semi-manufactured goods and products is often concerned and attracts a lot of scholars' attentions. With the economy globalization, three new trends appeared in the supply chain management: materials procurement globalization, manufacture globalization and products distribution globalization. Consequently, three new areas in inventory...
High inventory level can certainly increase the meeting of customer demands, but it also leads that the cost is not the lowest one. This means that meeting customer demands and having the lowest cost may not always be consistent. Specially, if storage capacity is limited, the relationship between the two will become more complex to collaborate, and there will be more problems to solve, such as whether...
In this paper we consider the inventory system of an online retailer. The retailer continuously reviews and replenishes inventory according to a (Q, R) policy. We assume Poisson demand and constant lead times. Normally the customers will accept a reasonable period of waiting time after they issued their orders because of the purchasing convenience of the online business. With this period of waiting...
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