We consider the problem of determining the optimal ordering and reordering policy for an inventory where the entire stockwill simultaneously become obsolete at some (typically random) time, T . Manymanufacturing, publishing, distribution, and high tech businesses face the challenge of maintaining inventories that do not age in the conventional sense; instead, they suddenly become obsolete and l...

Product returns are characterized by considerable uncertainty on time and quantity. In the literature on inventory management for product return environments best forecasts of future returns are associated with methods that use the most information regarding product return history. In practice, however, data is often scarce and unreliable, while forecasts based on historical data, reliable or n...

Consider an inventory model which consists in controlling the level of stock of a single product where the demands D1, D2, . . . for the product in periods 1, 2, . . . are independently and identically distributed i.i.d random variables with density function ψ, and finite mean μ < ∞. Assume that at the beginning of each period the system is reviewed and we are allowed to increase the level of s...

Abstract In this paper we propose a modification to the standard forecasting, periodic order-up-tolevel inventory control approach to dealing with intermittent demand items, when the lead-time length is shorter than the average inter-demand interval. In particular, we develop an approach that relies upon the employment of separate estimates of the interdemand intervals and demand sizes, when de...

purchase or non-purchase of one item or itemset on the purchase or non-purchase of another item or itemset. The research in this paper models for incorporating purchase dependencies in retail multi-item inventory management. One illustrative example has been discussed with data mining in retail sale data. Various types of purchase dependencies including negative dependency have been identified ...

Inventory control is important in supply chain management. A great deal of research efforts have been devoted to it over a few decades. Previous researches always assume that the lead time is an exogenously parameter, and the unmet demand is backordered. However, these assumptions may not suit to the real environment. In this paper, a mathematical model regarding inventory control is set up for...

inventory control is one of the most important issues in supply chain management. in this paper, a three-echelon production, distribution, inventory system composed of one producer, a set of wholesalers and retailers is considered. costumers&apos; demands can be approximated by a normal distribution and the inventory policy is a kind of continuous review (r, q). in this paper, a model based on ...

We consider the periodic-review, single-location, single-product, production/inventory control problem under non stationary demand and service-level constraints. The product is perishable and has a fixed shelf life. Costs comprise fixed ordering costs and inventory holding costs. For this inventory system we discuss a number of control policies that may be adopted. For one of these policies, we...

In many industrial environments there is a significant class of problems for which the perishable nature of the inventory cannot be ignored in developing replenishment order plans. Food is the most salient example of a perishable inventory item. In this work, we consider the periodic-review, single-location, single-product production/inventory control problem under non-stationary stochastic dem...