In this paper, production-inventory models for a deteriorating item in a single vendor-buyer system has been developed with constant production and demand rate. Shortages at the buyer (when it is allowed) depends on time. The models have been formulated as cost minimization problem via both integrated and non-integrated approaches and solved using genetic algorithms developed to solve the singl...

The objective of this study is to minimize the expected present worth of the production costs incurred over the operational life of a robotic assembly system that is integrated with an Automatic Storage/Retrieval System (AS/RS). Production costs include inventory cost and capital cost of equipment. Inventory cost consists of ordering, holding, and lostproduction costs; and all of these costs de...

A result in the Bayesian inventory management literature is: If lost sales are not observed, the Bayesian optimal inventory level is larger than the myopic inventory level (one should “stock more” to learn about the demand distribution). This result has been proven in other studies under the assumption that inventory is perishable, so the myopic inventory level is equal to the Bayesian optimal ...

Trade credit is a crucial source of capital particularly for small businesses with limited financing opportunities. Inventory models considering trade have been widely studied. However, while there extensive research on the single-vendor single-buyer inventory model allowing delays in payments, systems where vendor supplies to more than one buyer received less attention. In this paper, we analy...

This paper examines the utility of fuzzy control over crisp in situations where the control opportunities are limited and the system response to control actions is delayed. Such situations are often encountered in production systems where limited resources restrict the control opportunities and the operation time delays the response. The performance of a real-time production-inventory control s...