Analysis of Product Inventory Control using Continuous Review System Q Method and Periodic Review System P Method to Minimize Inventory Costs

Periodic review inventory control with fluctuating purchasing costs

We consider the periodic review inventory control problem in which the purchasing cost of the product changes, in a Markovian fashion, from one period to the next. After establishing (with and without the non-speculation assumption) that an order upto policy is optimal, we develop an efficient recursive solution procedure to compute the optimal levels. In addition, we propose a measure for the ...

Continuous Review Perishable Inventory System with OneSupplier, One Retailer andPositive Lead Time

We consider a two-echelon single commodity inventory system with one warehouse(supplier) at the higher echelon and one retailer at the lower echelon. The retailer stocks individual items of a commodity and satisfies unit demands which occur according to a Poisson process. The supplier stocks these items in packets and uses these packetsto: (i) satisfy the demands that occur for single packet an...

Inventory Management system ( Review paper )

With the rapid development of network technology, the Web applications are used more widely, and the higher requirements on the Web system has been pursued by many people. This paper describes the Inventory Management System sufficiently to determine the feasibility and usability of a finished system. The core concept is to track the sale of items from the cash registers with additional feature...

A Periodic-Review Base-Stock Inventory System with Sales Rejection

We consider a system in which an order is placed every T periods to bring the inventory position up to the base stock S. We accept demand until the inventory position reaches a sales rejection threshold M. Our objective is to find the optimal values of S and M which minimize the long-run average cost per period. We establish the stationary distribution of our system and develop structural prope...

A Periodic Review Base Stock Inventory System with Sales