Optimal and Approximate Policies for Inventory Systems with Order Crossover - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Optimal and Approximate Policies for Inventory Systems with Order Crossover write by Mahesh Srinivasan. This book was released on 2011. Optimal and Approximate Policies for Inventory Systems with Order Crossover available in PDF, EPUB and Kindle. A common assumption in inventory analysis is that replenishment orders arrive in the same sequence in which they were placed. In practice, however, a variety of factors may cause orders to arrive out of sequence, a phenomenon known as order crossover. This paper analyzes a periodic review inventory system for a single item with discrete variable demand and discrete variable and long lead-times (relative to the review period). Under such a scenario, multiple orders are simultaneously outstanding, and orders may arrive in a different sequence than placed. If such order crossover occurs, traditional inventory analysis overstates expected shortages and standard inventory control policies are no longer optimal. This paper discusses why orders may cross over in practice and investigates the implications of order crossover to inventory management policies. We investigate the cost performance of optimal policies under order crossover and also suggest approximate policies which are easier to compute and implement. Both the optimal and approximate policies take advantage of detailed real-time information about the status of pending orders and goods in transit, and hence in a majority of cases perform better than commonly used policies which do not incorporate such information.
Optimal and Approximate Policies for Periodic Review Inventory Systems
Optimal and Approximate Policies for Periodic Review Inventory Systems - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Optimal and Approximate Policies for Periodic Review Inventory Systems write by Mahesh Srinivasan. This book was released on 2007. Optimal and Approximate Policies for Periodic Review Inventory Systems available in PDF, EPUB and Kindle.
Periodic Review Inventory Systems
Periodic Review Inventory Systems - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Periodic Review Inventory Systems write by Thomas Wensing. This book was released on 2011-06-26. Periodic Review Inventory Systems available in PDF, EPUB and Kindle. The focus of the work is twofold. First, it provides an introduction into fundamental structural and behavioral aspects of periodic review inventory systems. Second, it includes a comprehensive study on analytical and optimization aspects of a specific class of those systems. For the latter purpose, general solution methods for problems of inventory management in discrete time are described and developed along with highly specialized methods to solve very specific problems related to the model variants examined. The work is thus addressed to students and practitioners who seek a deeper understanding of managing inventories in discrete time as well as to software developers who require implementation aids on specific problems of inventory management.
Principles of Inventory Management
Principles of Inventory Management - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Principles of Inventory Management write by John A. Muckstadt. This book was released on 2010-03-20. Principles of Inventory Management available in PDF, EPUB and Kindle. Inventories are prevalent everywhere in the commercial world, whether it be in retail stores, manufacturing facilities, government stockpile material, Federal Reserve banks, or even your own household. This textbook examines basic mathematical techniques used to sufficiently manage inventories by using various computational methods and mathematical models. The text is presented in a way such that each section can be read independently, and so the order in which the reader approaches the book can be inconsequential. It contains both deterministic and stochastic models along with algorithms that can be employed to find solutions to a variety of inventory control problems. With exercises at the end of each chapter and a clear, systematic exposition, this textbook will appeal to advanced undergraduate and first-year graduate students in operations research, industrial engineering, and quantitative MBA programs. It also serves as a reference for professionals in both industry and government worlds. The prerequisite courses include introductory optimization methods, probability theory (non-measure theoretic), and stochastic processes.
Sequential Inventory Control and Optimization Through Stochastic Approximation
Sequential Inventory Control and Optimization Through Stochastic Approximation - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Sequential Inventory Control and Optimization Through Stochastic Approximation write by Thomas R. Tower. This book was released on 1972. Sequential Inventory Control and Optimization Through Stochastic Approximation available in PDF, EPUB and Kindle. Optimal inventory policies are typically characterized by a stationary post-order inventory level S, which is the level up to which an order is placed including both inventory on hand and on order. Some Inventory systems have explicit solutions presented in the literature and others have solutions characterized by dynamic programming equations. All of these solutions require a knowledge of the distribution function for demand when it is a random variable. If one has no knowledge of the distribution function one is able to formulate certain stochastic approximation techniques which 'hone-in' on the optimal policy values using observations of demands and costs as they occur. These techniques all assume convergence in the mean square and with probability one to the optimal values. (Author).
