A novel clustering algorithm is proposed and applied to the multi-item replenishment processing. This new algorithm has two distinguished features: non-binary hierarchical tree and the feature of overlapping clustering. A non-binary hierarchical tree is much smaller than the binary-trees constructed by most traditional algorithms and, therefore, it clearly highlights meaningful clusters which s...

In this article, we deal with the problem of determining the economic operating policy when a number of items are to be procured from a number of suppliers offering different quantity discounts schedules. In such inventory problems, a fixed cost is incurred with each replenishment order, independent of the suppliers as well as the items involved in the order. Further, the item involves a minor ...

Traditionally, inventory management experts have calculated a fixed economic order quantity (EOQ) that minimizes the cost of ordering and keeping stock. Some organizations use fixed maximum and minimum order quantity (MOQ) which ranges around EOQ for stocking various parts. These quantities are ordered at a specific stock level called the reorder point. The reorder point is calculated as the st...

An order level inventory model for seasonable/fashionable products subject to a period of increasing demand followed by a period of level demand and then by a period of decreasing demand rate three branches ramp type demand rate is considered. The unsatisfied demand is partially backlogged with a time dependent backlogging rate. In addition, the product deteriorates with a time dependent, namel...

In general, a supplier/retailer frequently offer trade credit to stimulate their respective sales. The main purpose of this paper is to investigate the optimal supplier/retailer’s replenishment decisions under two levels of trade credit policy within the economic order quantity (EOQ) framework. This paper deals with the supplier/retailer’s inventory replenishment problem under two levels of tra...

T his study analyzes optimal replenishment policies that minimize expected discounted cost of multi-product stochastic inventory systems. The distinguishing feature of the multi-product inventory system that we analyze is the existence of correlated demand and joint-replenishment costs across multiple products. Our objective is to understand the structure of the optimal policy and use this stru...

  The advent of e-commerce has prompted many manufacturers to redesign their traditional channel structure by engaging in direct sales. In this paper, we present a dual channel inventory model based on queuing theory in a manufacturer-retailer supply chain, consisting of a traditional retail channel and a direct channel which stocks are kept in both upper and lower echelon. The system receives ...

This paper develops a Vendor Managed Inventory (VMI) model for a two-level supply chain comprised of one vendor and several non-competing retailers in which both the raw material and the finished product have different deterioration rates. It is assumed that the market demand for the finished product is deterministic and price sensitive. The proposed inventory model optimizes the retail price, ...

In this paper we develop an economic order quantity model to investigate the optimal replenishment policies for instantaneous deteriorating items under inflation and trade credit. Demand rate is a linear function of selling price and decreases negative exponentially with time over a finite planning horizon. Shortages are allowed and partially backlogged. Under these conditions, we model the ret...