We analyze a joint pricing and inventory control problem for a perishable product with a fixed lifetime over a finite horizon. In each period, demand depends on the price of the current period plus an additive random term. Inventories can be intentionally disposed of and those that reach their lifetime have to be disposed of. The objective is to find a joint pricing, ordering, and disposal poli...

We study inventory control for rental operations in a closed-loop supply chain. In such a system (e.g., Netflix), customers create online queues in a service provider’s website to indicate the items that they would like to rent. Leveraging this advance demand information, we propose effective forecast models and formulate a multi-item inventory control problem. We prove that the (L,U) policy is...

In this paper, we propose an optimisation model to determine the product assortment, inventory replenishment, display area and shelf space allocation decisions that jointly maximize the retailer’s profit under shelf space and backroom storage constraints. The variety of products to be displayed in the retail store, their display locations within the store, their ordering quantities, and the all...

Inventory represents a significant investment of capital for most companies. Inventory ties up money that could be used more productively elsewhere. Thus, effective inventory management offers the potential for significant cost savings. Furthermore, quality, product engineering, prices, overtime, excess capacity, ability to respond to customers (due-date performance), lead times, and overall pr...

Combining the study of queuing with inventory is very common and such systems are referred to as queuing-inventory in literature. These occur naturally practice have been studied extensively The considered literature generally include (s,S)-type. However, this paper we look at opportunistic-type replenishment which there an independent point process that used model events called opportunistic f...

Zuo-Jun Max Shen • Collette Coullard • Mark S. Daskin Department of Industrial & Systems Engineering, University of Florida, Gainesville, Florida 32611 Department of Industrial Engineering and Management Sciences, Northwestern University, Evanston, Illinois Department of Industrial Engineering and Management Sciences, Northwestern University, Evanston, Illinois [email protected] • coullard@north...

In this paper we impose a capacity restriction on a multi-echelon joint location-inventory model. The setting is that of a single product manufacturer distributing its product to a number of warehouses, each of which is assigned to a number of retailers. There is no lateral supply between warehouses and they do not share retailers. The model simultaneously makes decisions on location and invent...

A disaster inventory system is considered in which two substitutable items are stored for disaster management. In the event of disaster management, a particular product may become stock-out and the situation warrants that a demand for the particular product during its stock-out period may be substituted with another available similar product in the inventory. From the utility point of view, con...