We analyze an infinite horizon, single product, continuous review model in which pricing and inventory decisions are made simultaneously and ordering cost includes a fixed cost. We show that there exists a stationary (s, S) inventory policy maximizing the expected discounted or expected average profit under general conditions. © 2005 Elsevier B.V. All rights reserved.

In recent years, there has been an increasing adoption of returns policies in the coordination of the supply chain, where market demand is always assumed to be satisfied by manufacturing or by ordering from suppliers. However, many industries face the important decision of how to balance their inventory level. This problem has long been studied in financial institutions such as banks. This stud...

There is a growing consensus that a portfolio of customers with different demand lead times can lead to higher, more regular revenues and better capacity utilization. Customers with positive demand lead times place orders in advance of their needs, resulting in advance demand information. This gives rise to the problem of finding effective inventory control policies under advance demand informa...

In this paper inventory control is applied to a particulate system. The performance of inventory control is guaranteed only if the zero dynamics of the closed loop system is stable. Mathematical analysis for the stability of the particulate system is derived to show that the zero dynamics is stable. The approach is illustrated by the application to thermal deposition of silicon in a fluid bed r...

Over the next 10 years a major controversy developed over whether the Federal Reserve recognized or placed enough emphasis on its responsibility for controlling the growth of the money stock. The related question of which operating strategy to follow in controlling the money stock was pushed to the background. Economists can argue at great lengths over the extent to which the Federal Reserve tr...

We consider single and multiple part type production lines and networks with ®nite bu€ers and unreliable machines. Three fuzzy control modules, namely, line, assembly, and disassembly controller, are developed. The objective is to keep the work-in-process (WIP) inventory and cycle time at low levels, along with high machine utilization and throughput. This is achieved by adjusting the processin...

Cara Williams is with the Labour and Household Surveys Analysis Divison. She can be reached at (613) 951-6972 or [email protected]. AN EMPLOYEE SITS AT HER DESK with numerous unread e-mail messages in her inbox, phone ringing, and a report to complete for the next morning. The demands of the job are making her anxious. At a nearby construction site, workers fear layoff as winter approache...

The legal system will ultimately determine where much of the huge losses that will be occasioned by the Millennium Bug will land. Seemingly minor glitches, such as a computerized inventory control system's wrongfully rejecting an order of chemicals as expired since 1900 (when the real expiration date is in the year 2000) can create a myriad of lawsuits among manufacturers, suppliers, customers,...

In this paper we consider a stochastic inventory system with production, remanufacturing, and disposal operations. Customer demands must either be fulfilled from the production of new products or by the remanufacturing of used products. Used products are either remanufactured or disposed of. To coordinate production, remanufacturing and disposal operations efficiently, we extend the PUSH and PU...