This paper addresses the single-item, non-stationary stochastic demand inventory control problem under the nonstationary (R,S) policy. In non-stationary (R,S) policies two sets of control parameters—the review intervals, which are not necessarily equal, and the order-up-to-levels for replenishment periods—are fixed at the beginning of the planning horizon to minimize the expected total cost. It...

In most stochastic inventory models, such as continuous review models and periodic review models, it has been assumed that the stockout period during a cycle is small enough to be neglected so that the average number of cycles per year can be approximated as D/Q, where D is the average annual demand and Q is the order quantity. This assumption makes the problem more tactable, but it should not ...

In most stochastic inventory models, such as continuous review models and periodic review models, it has been assumed that the stockout period during a cycle is small enough to be neglected so that the average number of cycles per year can be approximated as D/Q, where D is the average annual demand and Q is the order quantity. This assumption makes the problem more tactable, but it should not ...

inventory models play an important role in determining the optimal ordering and pricing policies. much work has been reported in literature regarding inventory models with finite or infinite replenishment. but in many practical situations the replenishment is governed by random factors like procurement, transportation, environmental condition, availability of raw material etc., hence, it is nee...

We propose evaluation approaches to multi-item base-stock inventory policies where unidirectional substitutions are allowed among part types. The problems in the paper are in the context of spare parts management and we identify two substitution cases: substitution of incoming demand and substitution of backlogged demand. This leads us to three unidirectional substitution policies, for each of ...

This paper addresses the single-item, non-stationary stochastic demand inventory control problem under the nonstationary (R,S) policy. In non-stationary (R,S) policies two sets of control parameters—the review intervals, which are not necessarily equal, and the order-up-to-levels for replenishment periods—are fixed at the beginning of the planning horizon to minimize the expected total cost. It...

Abstract: Inventory control systems development is one of the most appealing issues of the supply chain management which have recently been studied by academicians and practitioners. In this paper, an inventory management framework and deterministic cost models within the context of this framework are structured for effective supply chain (SC) in an agile environment. To do so, we propose a thr...

A single-product inventory control model with different distributions of demand for goods and random lead time is considered. The proposed model uses the regenerative approach. It gives possibility to find optimal values of reorder point and order quantity. Criterion of optimization is minimum of average expenses for goods holding, ordering and losses from deficit per a time unit. Suggested mod...

The American Production and Inventory Control Society Dictionary defines the term supply chain (SC) as “the process from the initial raw materials to the ultimate consumption of the finished product linking across supplier–user companies.” Supply chain management (SCM) literature covers wide range of areas such as logistics, production, scheduling, facility location, procurement, inventory mana...