We develop an inventory model to determine optimal ordering policy under permissible delay in payment by considering demand rate to be stock dependent. Mathematical models are derived under two different cases: credit period being greater than or equal to cycle time for settling the account, and credit period being less than or equal to cycle time for settling the account. The results are illus...

In conventional inventory management, the retailers monitor their own inventory levels and place orders at the distributor when they think it is the appropriate time to reorder. The distributor receives these orders from the retailers, prepares the product for delivery. Similarly, the distributor will place an order at the manufacturer at the

Policy-based management has emerged as a solution to the problem of resource management in an open distributed environment. However, adding any new rule to a large distributed system could lead to conflict and thus the integrity and consistency of the rule database within the system is one area where a solution is still sought. This paper describes how, in a given policy based system, to comput...

We consider a single-product periodic-review inventory system for a retailer who has adopted a dual sourcing strategy to cope with potential supply process interruptions. Orders are placed to a perfectly reliable supplier and/or to a less reliable supplier that offers a better price. The success of an order placed to the unreliable supplier depends on his supply status that has a Markovian natu...

a Department of Biological Sciences, National University of Singapore, 117543, Singapore b Centre for Environmental Policy, Imperial College London, Exhibition Road, London, SW7 2AZ, UK c The Food and Environment Research Agency, Sand Hutton, York, YO41 1LZ, UK d CSIRO Ecosystem Sciences, GPO Box 1700, Canberra ACT 2601, Australia e Cooperative Research Centre for National Plant Biosecurity, LP...

The objective of this paper is to study an integrated two-supplier supply chain whose suppliers are unreliable. An unreliable supplier is alternative between available (ON) and unavailable (OFF) states which are considered to be independent exponential variables. The suppliers apply a continuous review policy and the retailer uses an adapted continuous review base on an(R,Q) policy. Transportat...

This paper analyses an infinite horizon two-echelon supply chain inventory problem and shows that a sequence of the optimum ordering policies does not yield globally optimal solutions for the overall supply chain. First-order autoregressive demand pattern is assumed and each participant adopts the order-up-to (OUT) policy with a minimum mean square error forecasting scheme to generate replenish...

Policies may change the returns to transmitting cultural norms to the next generation, unintentionally changing cultural practices. I study cultural norms that determine which children support their parents in their old age in Indonesia and Ghana. Consistent with a model where these norms play the dual role of increasing old age support and ameliorating incomplete contracting problems between p...

We study a supply chain with one supplier and many retailers that face exogenous endcustomer demands. The supplier and the retailers all try to minimize their own inventory-related costs. In contrast to the retailers’ newsvendor type ordering behavior (under which retailers may place orders freely in every period), we propose two scheduled ordering policies: Scheduled Balanced Ordering Policy (...