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...

In this article, we consider a classic dynamic inventory control problem of a self-financing retailer who periodically replenishes its stock from a supplier and sells it to the market. The replenishment decisions of the retailer are constrained by cash flow, which is updated periodically following purchasing and sales in each period. Excess demand in each period is lost when insufficient invent...

This paper is on production planning and inventory control in systems where manufacturing and remanufacturing operations occur simultaneously. Typical for these hybrid systems is, that both the output of the manufacturing process and the output of the remanufacturing process can be used to fulfil customer demands. Here, we consider a relatively simple hybrid system, related to a single componen...

Our economy and national infrastructures are dependent on a range of socio-technical systems and, by and large, these systems can be trusted to provide a dependable service. For example, electricity and telecommunication systems are generally reliable, the bank ATM network can usually deliver cash to authorised customers and automated stock control systems have meant that large stores and super...

We establish a duality theory for a broad class of deterministic inventory control problems on continuous spaces that includes the classical joint replenishment problem and inventory routing. Using this theory, we establish the existence of an optimal policy, which has been an open question. We show how a primal-dual pair of infinite dimensional linear programs encode both cyclic and non-cyclic...

This paper considers a single-echelon, continuous review, inventory system with a warehouse facing compound Poisson customer demand. The replenishment lead-time is constant. Demand that cannot be met directly is backordered. There are standard linear holding and backorder costs but no set-up or ordering cost. It is assumed that the demand process starts at a certain given time. Consequently, be...

In this paper we consider a periodic review order-up-to-level (or base stock) inventory control system under normally distributed demand. For such circumstances an expression for the exact fill rate (fraction of demand satisfied without backordering) has been available in the literature but has not been widely known, let alone used by practitioners. In this paper we redevelop the expression and...

DESCRIPTION. The Learning Styles Inventory, Version III (LSI-III) “is designed to measure student preferences for nine instructional strategies commonly found in elementary and middle school classrooms” (technical and administration manual, p. 1). The LSI-III takes 15 minutes to complete, is self-scoring, and has forms for elementary (Grades 2-5) and middle-levels (Grades 6-8). Equipped with a ...

The primary consequence of just-in-time (JIT) production is reduction of inventory. The associated benefit is (a) improved cashflow due to less financial resource tied up in inventory, and (b) less storage space required hence more productive plant area. Coupled with lean production and total quality management (TQM), it may also be possible to (c) improve worker productivity, (d) improve produ...

The paper describes a procedure for optimising the performance of an industrially designed inventory control system. This has the three classic control policies utilising sales, inventory and pipeline information to set the order rate so as to achieve a desired balance between capacity, demand and minimum associated stock level. A "rst step in optimisation is the selection of appropriate `bench...