We study a stationary, single-stage inventory system, under periodic review, with fixed ordering costs and multiple sales levers (such as pricing, advertising, etc.). We show the optimality of (s, S)-type policies in these settings under both the backordering and lost-sales assumptions. Our proof is novel, more direct and easier to understand than earlier ones. ∗Department of Industrial Enginee...

Besides service level and mean physical stock, customer waiting time is an important performance characteristic for an inventory system. In this paper we discuss the calculation of this waiting time in case a periodic review control policy with order-up-to-level S is used and customers arrive according to a Poisson process. For the case of Gamma distributed demand per customer, we obtain (appro...

in classic inventory control system, we assume that purchasing cost should be paid at time of delivery. but sometimes in order to encourage retailer to increase his order, postpond payment is provided by supplier as an incentive policy for retailer. in this paper a periodic inventory control model is invetigated in which the period between two consecutive replenishmnet is a random variable. in ...

Operations Research techniques are usually presented as distinct models. Difficult as it may often be, achieving linkage between these models could reveal their interdependency and make them easier for the user to understand. In this article three different models, namely Markov Chain, Dynamic Programming, and Markov Sequential Decision Processes, are used to solve an inventory problem based on...

In this paper,a coordination model has been investigated for a two-level supply chain (SC) consisting of one retailer and one supplier under periodic review inventory system. The review period and the retailer’s safety factorare assumed to be decision variables. The retailer faces stochastic demand following a normal distribution with known mean and variance. Moreover, it is assumed that unmet ...

We study the joint inventory and sales effort management problems of a retailer in a broad context and investigate the optimal policies for a single item, periodic-review system. In each period, the demand is uncertain depending on the sales effort level exerted by the retailer, which incurs an associated cost. The retailer’s objective is to find a joint optimal inventory replenishment and sale...

We study a stationary, single-stage inventory system, under periodic review, with fixed ordering costs and multiple sales levers (such as pricing, advertising, etc.). We show the optimality of (s, S)-type policies in these settings under both the backordering and lost-sales assumptions. Our analysis is constructive, and is based on a condition which we identify as being key to proving the (s, S...

We study periodic-review inventory replenishment problems with fixed ordering costs, and show the optimality of (s, S) inventory replenishment policies. Inventory replenishment is instantaneous, i.e., the lead time is zero. We consider several sales mechanisms, e.g., auction mechanisms, name-your-own-price mechanisms, and multiple heterogeneous sales channels. We prove this result by showing th...

In this paper we consider a stochastic-demand periodic-review inventory model with sudden obsolescence. We characterize the structure of the optimal policy and propose a dynamic programming algorithm for computing its parameters. We then utilize this algorithm to approximate the solution to the continuous-review sudden obsolescence problem with general obsolescence distribution. We prove conver...

inventory management in production-remanufacturing system has been receiving a great deal of attention in recent years. in literature review, production environment is composed of two sections. the first section is included: production process, remanufacturing process and other options considered in reverse logistics. the second section is included: collection and sorting processes. determinati...