Inventories exist throughout the supply chain in various forms for various reasons. Since carrying these inventories can cost anywhere from 20 to 40% of their value a year, managing them in a scientific manner to maintain minimal levels makes economic sense. This paper presents a near-optimal (s, Q)-type inventory policy for a production/distribution network with multiple suppliers replenishing...

Abstract: In today’s world the financial decisions of any business/retail enterprise are very crucial, as from the financial standpoint, an inventory i.e., stock on display represents a capital investment and must compete with other assets for a firm’s limited capital funds. Moreover, rising inflation rate directly affects the financial situation of an organization. On the contrary, the today’s...

We consider the joint pricing and inventory control problem for a single product with a finite horizon and periodic review. The demand distribution in each period is determined by an exogenous Markov chain. Pricing and ordering decisions are made at the beginning of each period and all shortages are backlogged. The surplus costs as well as fixed and variable costs are state dependent. We show t...

This paper considers inventory models with advance demand information and flexible delivery. Customers place their orders in advance, and delivery is flexible in the sense that early shipment is allowed. Specifically, an order placed at time t by a customer with demand leadtime T should be fulfilled by period t+T ; failure to fulfill it within the time window [t, t+T ] is penalized. We consider...

We study the inventory control problem of a retailer working under stochastic demand and stochastic limited supply. We assume that the unfilled part of the retailer's order is fully backordered at the supplier and replenished with certainty in the following period. As it may not always be optimal for the retailer to replenish the backordered supply, we also consider the setting in which the ret...

The simultaneous stochastic pricing and inventory management with capacitated cash-on-hand is a profit maximization problem faced by a firm, which has limited working capital for its liabilities. In addition to this working capital constraint, the company has to dynamically price its products and determine inventory levels to minimize its expected cost. In our study, we tackle this complicated ...

In this research, a complex inventory system has been analyzed under uncertain situations. The item deterioration has been considered and the shortages are allowable. The objectives of the problem are: (1) Minimization of the total present value of costs over time horizon and (2) Decreasing the total quantity of goods in the warehouse over time horizon. The numerical examples are used for evalu...

Joint managed inventory is an advanced supply chain inventory management tool, which will effectively tackle the complicated problem between the inventory cost of supply chain and service level. The research on inventory model and its’ control under JMI environment is a hot issue at present. In this paper, the authors deeply discuss the question of the inventory time costs about the multi-produ...