Optimal policies in continuous time inventory control models with limited supply

Optimal Policies in Continuous Time Inventory Control Models with Limited Supply

In this paper, we deal with the problem of a fixed number of units of a certain perishable commodity over a continuous time horizon. Airline seats, hotel rooms, advertising space in newspapers, and some seasonal products that must be sold before the end of the season are examples of such commodities that cannot be carried over and are not storable for consumers. This paper considers such a prob...

Optimal control for continuous supply network models

We consider a supply network where the flow of parts can be controlled at the vertices of the network. Based on a coarse grid discretization provided in [6] we derive discrete adjoint equations which are subsequently validated by the continuous adjoint calculus. Moreover, we present numerical results concerning the quality of approximations and computing times of the presented approaches.

Optimal Inventory and Pricing Policies for Supply Chain Networks

An optimisation-based control framework that simultaneously determines the optimal inventory and product pricing policies is developed for multi-product, multi-echelon supply chain networks. The optimisation problem aims at adjusting the available manufacturing resources, product distribution, inventories and prices for the entire supply chain network to satisfy demand while maximising network ...

Optimal inventory policies with non-stationary supply disruptions and advance supply information

Myopic Inventory Policies in Continuous Inventory Systems with Emergency Orders

A make-to-order environment requires flexibility in the supply chain to facilitate fast response. Timely supply deliveries can be achieved in a cost-effective manner by having a portfolio of suppliers, or a portfolio of contracts with a single supplier, with different lead times and associated costs. In this paper we address the inventory management of such a system and evaluate the savings ass...