When an enterprise has thousands of varieties in its inventory, the use of a single management method could not be a feasible approach. A better way to manage this problem would be to categorise inventory items into several clusters according to inventory decisions and to use different management methods for managing different clusters. The present study applies DPSO (dynamic particle swarm opt...

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We consider a single-period inventory model where there are risks associated with the uncertainty in demand as well as supply. Furthermore, the randomness in demand and supply is correlated with the …nancial markets. Recent literature provides ample evidence on this issue. The inventory manager may then exploit this correlation and manage his risks by investing in a portfolio of …nancial instru...

In this paper we propose a new discrete time discrete state inventory model for perishable items of a single product. Items in stock are assumed to belong to one of a finite number of quality classes that are ordered in such a way that Class 1 contains the best quality and the last class contains the pre-perishable quality. By the end of each epoch, items in each inventory class either stay in ...

The demand for power keeps rising with rapid economic development and growth of industrialization. The frequent mismatch created between demand and supply can be mitigated by the use of energy buyback programs. This papermodels a buy-back programusing a periodic review joint pricing and inventory model, incorporating compensations and setup cost over finite planning horizons. It is shown that a...

The standard inventory problems of multi-period have been modeled under different situations, namely we consider whether demand subjects to a continuous distribution or a discrete distribution and whether demand of each period is unchanged or not. A method to get an economic order quantity in inventory systems with discrete and unchanged demand was presented in former paper and this method has ...

We consider the periodic-review, single-location, single-product, production/inventory control problem under non stationary demand and service-level constraints. The product is perishable and has a fixed shelf life. Costs comprise fixed ordering costs and inventory holding costs. For this inventory system we discuss a number of control policies that may be adopted. For one of these policies, we...