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.
Optimal and Approximate Policies for Inventory Systems with Order Crossover
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.
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.
Logistics of Production and Inventory
Logistics of Production and Inventory - 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 Logistics of Production and Inventory write by S.C. Graves. This book was released on 1993-05-27. Logistics of Production and Inventory available in PDF, EPUB and Kindle. Handbook
An Empirical Comparison of Two Approximately Optimal (s, S) Inventory Policies
An Empirical Comparison of Two Approximately Optimal (s, S) Inventory Policies - 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 An Empirical Comparison of Two Approximately Optimal (s, S) Inventory Policies write by Richard Ehrhardt. This book was released on 1980. An Empirical Comparison of Two Approximately Optimal (s, S) Inventory Policies available in PDF, EPUB and Kindle. In this paper, we present an empirical comparison of two approximately optimal rules for computing (s, S) policies for single items under periodic review with a setup cost, linear holding and storage costs, fixed replenishment lead time, and backlogging of unfilled demand. The Naddor Approximation, originally designed for holding and shortage costs based on period-average inventory levels, is transformed for use in a system where these costs are based on period-end inventory. It is compared empirically with the Power Approximation and with exactly optimal policies in a system of independent inventory items having 576 distinct parameter settings. The Power Approximation yields lower expected total costs than the Naddor Approximation in 456 of the 576 cases. The cost differences tend to be rather small, however. When total costs are aggregated over the entire system, the Power Approximation is 1.65% above optimal, as compared with 2.34% for the Naddor Approximation. Significant differences appear only when components of total cost are examined. The robustness of the policies is examined by analyzing their performance when statistical estimates are used in place of the actual mean and variance of demand. We also discuss the sensitivity to parameter settings of the performance of the two rules. (Author).
