in today’s business transactions, it is frequently observed that a customer is allowed some grace period (permissible delay in payment) before settling the account with the supplier or producer. this policy is advantageous both for the supplier and customer since supplier attracts more customers and customer does not have to pay any interest during this fixed period either. in this paper, the r...

We consider the single item uncapacitated lot-sizing problem with production time windows, lost sale, early production and backlog over a planning horizon of T periods. In this context, a demand not processed within its time window can either be lost (lost sale), satisfied from a production that is processed before the release period of the demand (early production) or satisfied from a producti...

Supply contracts are designed to minimize inventory costs or to hedge against undesirable events (e.g., shortages) in the face of demand or supply uncertainty. In particular, replenishment terms stipulated by supply contracts need to be optimized with respect to overall costs, profits, service levels, etc. In this paper, we shall be primarily interested in minimizing an inventory cost function ...

In this paper, a single-product, single-machine system under Markovian deterioration of machine condition and demand uncertainty is studied.  The objective is to find the optimal intervals for inspection and preventive maintenance activities in a condition-based maintenance planning with discrete monitoring framework. At first, a stochastic dynamic programming model whose state variable is the ...

We compare two inventory systems, one in which excess demand is lost and the other in which excess demand is backordered. Both systems are reviewed periodically. They experience the same sequence of identically and independently distributed random demands. Holding and shortage costs are considered. The holding cost parameter is identical, however the cost of a lost sale could be different from ...

For the (S − 1, S) lost sales inventory model with several demand classes that have different lost sale penalty cost, three accurate and efficient heuristic algorithms are presented that, at a given base stock level, aim to find optimal values for the critical levels, i.e., values that minimize inventory holding and penalty cost.

The study sought to determine whether pastoralists have resorted to sale of livestock as a form of insurance against commercialization of cattle rustling in which well structured and managed cartels have organised more intense and frequent cattle raids on pastoralist, and how their decisions have affected their herd size. The study was conducted among the pastoral Baringo community of Kenya. A ...

In multi-item inventory with very large number of items in retail sale stores, purchase dependency in demand amongst the items can be described by association rules mined from sale transaction data. With the knowledge of association rules, inventory replenishment policy can be designed which will result in low inventory cost and better profitability. The relevant inventory costs include the cos...