Abstract: In today’s world the financial decisions of any business/retail enterprise are very crucial, as from the financial standpoint, an inventory i.e., stock on display represents a capital investment and must compete with other assets for a firm’s limited capital funds. Moreover, rising inflation rate directly affects the financial situation of an organization. On the contrary, the today’s...

Consider a multiple booking class airline-seat inventory control problem that relates to either a single flight leg or to multiple flight legs. During the time before the flight, the airline may face the problems of (1) what are the suitable prices for the opened booking classes, and (2) when to close those opened booking classes. This work deals with these two problems by only using the pricin...

We consider the joint pricing and inventory control problem for a single product with a finite horizon and periodic review. The demand distribution in each period is determined by an exogenous Markov chain. Pricing and ordering decisions are made at the beginning of each period and all shortages are backlogged. The surplus costs as well as fixed and variable costs are state dependent. We show t...

Solving Robust Inventory Problems In this work we consider setting the optimal inventory control policies for a single buffer when demand is uncertain, in a robust framework. Unlike traditional inventory models we do not assume that the demand is random with a known distribution. Instead, demand can take values from a given uncertainty set. Our objective is to find the policy that minimize the ...

This paper considers inventory models with advance demand information and flexible delivery. Customers place their orders in advance, and delivery is flexible in the sense that early shipment is allowed. Specifically, an order placed at time t by a customer with demand leadtime T should be fulfilled by period t+T ; failure to fulfill it within the time window [t, t+T ] is penalized. We consider...

We consider the periodic review inventory control problem in which the purchasing cost of the product changes, in a Markovian fashion, from one period to the next. After establishing (with and without the non-speculation assumption) that an order upto policy is optimal, we develop an efficient recursive solution procedure to compute the optimal levels. In addition, we propose a measure for the ...

We consider the problem of allocating demand arising from multiple products to multiple production facilities with finite capacity and load-dependent lead-times. Production facilities can choose to manufacture items either to-stock or to-order. Products vary in their demand rates, holding and backordering costs, and service level requirements. We develop models and solution procedures to determ...

The inventory routing problem presented in this study is a one-to-many distribution network consisting of a manufacturer that produces multi products to be transported to many geographically dispersed customers. We consider a finite horizon where a fleet of capacitated homogeneous vehicles, housed at a depot/warehouse, transports products from the warehouse to meet the demand specified by the c...

W consider the problem of allocating demand arising from multiple products to multiple production facilities with finite capacity and load-dependent lead times. Production facilities can choose to manufacture items either to stock or to order. Products vary in their demand rates, holding and backordering costs, and service-level requirements. We develop models and solution procedures to determi...

In this article we propose, for any > 0, a 2(1+ )-approximation algorithm for a facility location problem with stochastic demands. At open facilities, inventory is kept such that arriving requests find a zero inventory with (at most) some pre-specified probability. The incurred costs are the expected transportation costs from the demand points to the facilities, the operating costs of the facil...