NEAR-OPTIMAL MODIFIED BASE STOCK POLICIES FOR THE CAPACITATED INVENTORY PROBLEM WITH STOCHASTIC DEMAND AND FIXED COST
نویسندگان
چکیده
منابع مشابه
Optimal Inventory Policies under Stochastic Production and Demand Rates
We consider a single stage production-inventory system whose production and demand rates are modulated by an environment process modeled as a finite state Continuous Time Markov Chain (CTMC). When the inventory level reaches zero, an order is placed from an external supplier, and it arrives instantaneously. We derive an Economic Order Quantity (EOQ ) policy that minimizes the long-run average c...
متن کاملOptimal Inventory Policies when Purchase Price and Demand Are Stochastic
In this paper we consider the problem of a firm that faces a stochastic (Poisson) demand and must replenish from a market in which prices fluctuate, such as a commodity market. We describe the price evolution as a continuous stochastic process and we focus on commonly used processes suggested by the financial literature, such as the geometric Brownian motion and the Ornstein-Uhlenbeck process. ...
متن کاملOptimal and Near-Optimal ( s, S) Inventory Policies for Levy Demand Processes
A is a continuous-time, real-valued stochastic process which has independent and Levy jump process stationary increments, with no Brownian component. We study some of the fundamental properties of Levy jump processes and develop inventory models for them. Of particular interest to us is the gamma-distributed Levy process, in which the demand that occurs in a fixed period of time has a gamma dis...
متن کاملOptimal Policies for a Capacitated Two-Echelon Inventory System
This paper demonstrates optimal policies for capacitated serial multiechelon production/inventory systems. Extending the Clark and Scarf (1960) model to include installations with production capacity limits, we demonstrate that a modified echelon base-stock policy is optimal in a two-stage system when there is a smaller capacity at the downstream facility. This is shown by decomposing the dynam...
متن کاملA Queuing Model for Stochastic Location-inventory Problem with Waiting Cost Considerations
This paper presents a three-level supply chain model which includes single supplier, several distribution centers and sets of retailers. For this purpose, by adopting the queuing approach, a mixed nonlinear integer programming model is formulated. The proposed model follows minimizing the total cost of the system by determining: 1) the number and location of distribution centers between candida...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Asia-Pacific Journal of Operational Research
سال: 2014
ISSN: 0217-5959,1793-7019
DOI: 10.1142/s0217595914500195