a r t i c l e i n f o Keywords: Stochastic dynamic programming Risk-reward heuristic Mean–variance analysis Efficient frontier analysis Inventory management Traditionally inventory management models have focused on risk-neutral decision making with the objective of maximizing the expected rewards or minimizing costs over a specified time horizon. However, for items marked by high demand volatil...

Traditional stochastic inventory models assume full knowledge of the demand distribution. However, in practice, it is often difficult to completely characterize the demand distribution, especially with little or outdated historical data. In these uncertain environments, good inventory management has to be robust, i.e., perform well under most demand scenarios. In this paper, we study the newsve...

Purpose: The purpose of this paper to develop an inventory model for instantaneous deteriorating items with the consideration of the facts that the deterioration rate can be controlled by using the preservation technology (PT) and the holding cost & demand rate both are linear function of time which was treated as constant in most of the deteriorating inventory model. Design/methodology/approac...

the primary purpose of this paper is to highlight for the research community and practitioners the various aspects of using vmi-type supply chains in today’s business environment as well as a number of directions for future studies. in this regard, fifty articles published in major international journals, beginning in 1995, which contribute to the vmi-type supply chains are reviewed via a syste...

Inventory management plays a very important role in logistics system. This study presents a discrete-time model for regularly order inventory management system considering the randomicity of receiving goods of time and the volume of ordering determined by inventory difference. With the application of Simulink toolbox in MATLAB, an example of block diagram model in z-domain is built to simulate ...