ON THE STRUCTURE OF OPTIMAL ORDERING POLICIES FOR STOCHASTIC INVENTORY SYSTEMS WITH MINIMUM ORDER QUANTITY
نویسندگان
چکیده
منابع مشابه
On the Structure of Optimal Ordering Policies for Stochastic Inventory Systems with Minimum Order Quantity
We study a single-product periodic-review inventory model in which the ordering quantity is either zero or at least a minimum order size+ The ordering cost is a linear function of the ordering quantity, and the demand in different time periods are independent random variables+ The objective is to characterize the inventory policies that minimize the total discounted ordering, holding, and backo...
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We consider a model of single-item periodic-review inventory system with stochastic demand, linear ordering cost, where in each time period, the system must order either none or at least as much as a minimum order quantity (MOQ). Optimal inventory policies for such a system are typically too complicated to implement in practice. In fact, the ðs;SÞ type of policies are often utilized in the real...
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In this paper, we consider a single-item periodic-review stochastic inventory system with both minimum order quantity (MOQ) and batch ordering requirements. In each time period, the firm can order either none or at least as much as the MOQ. At the same time, if an order is placed, the order quantity is required to be an integral multiple of a given specific batch size. We first adopt a heuristi...
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Most of the studies on inventory control reported in earlier contributions deal with the optimization problems minimizing an expected cost criterion such as the long-run average cost. However, when the plant engineers design the inventory systems in practical situations, they must take account of reliability into the inventory system as well as economical aspect, where reliability can be define...
متن کاملOptimal Policies for Inventory Systems with Concave Ordering Costs
In this paper we characterize the structure of optimal policies for periodic review inventory systems with concave ordering costs. By extending the Scarf (1958) model to systems with piecewise linear concave ordering costs, we show the optimality of generalized (s, S) policies for general demand distributions. We do so by (a) introducing a conditional monotonicity property for the order-up-to l...
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ژورنال
عنوان ژورنال: Probability in the Engineering and Informational Sciences
سال: 2006
ISSN: 0269-9648,1469-8951
DOI: 10.1017/s0269964806060165