Optimal Inventory Control Policy For Periodic Review Inventory Systems With Inventory Level Dependent Demand
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Optimal Inventory Control Policy for Periodic-Review Inventory Systems with Inventory-Level-Dependent Demand
We consider a setting in which inventory plays both promotional and service roles; that is, higher inventories not only improve service levels but also stimulate demand by serving as a promotional tool (e.g., as the result of advertising effect by the enhanced product visibility). Specifically, we study the periodic-review inventory systems in which the demand in each period is uncertain but increases with the inventory level. We investigate the multiperiod model with normal and expediting orders in each period, that is, any shortage will be met through emergency replenishment. Such a model takes the lost sales model as a special case. For the cases without and with fixed order costs, the optimal inventory replenishment policy is shown to be of the base-stock type and of the (s, S) type, respectively.
Issues in Aerospace and Defense Research and Application: 2013 Edition
Issues in Aerospace and Defense Research and Application: 2013 Edition is a ScholarlyEditions™ book that delivers timely, authoritative, and comprehensive information about Aerospace Research. The editors have built Issues in Aerospace and Defense Research and Application: 2013 Edition on the vast information databases of ScholarlyNews.™ You can expect the information about Aerospace Research in this book to be deeper than what you can access anywhere else, as well as consistently reliable, authoritative, informed, and relevant. The content of Issues in Aerospace and Defense Research and Application: 2013 Edition has been produced by the world’s leading scientists, engineers, analysts, research institutions, and companies. All of the content is from peer-reviewed sources, and all of it is written, assembled, and edited by the editors at ScholarlyEditions™ and available exclusively from us. You now have a source you can cite with authority, confidence, and credibility. More information is available at http://www.ScholarlyEditions.com/.
Handbook of Research on Promoting Business Process Improvement Through Inventory Control Techniques
Stock management and control is a critical element to the success and overall financial well-being of an organization. Through the application of innovative practices and technology, businesses are now able to effectively monitor their operations and manage their inventory by evaluating sales patterns and customer preferences. The Handbook of Research on Promoting Business Process Improvement Through Inventory Control Techniques is a critical scholarly resource that examines optimization techniques, data mining concepts, and genetic algorithms to manage inventory control. Featuring coverage on a broad range of topics such as logistics and supply chain management, stochastic inventory modelling, and inventory management in healthcare, this book is geared towards academicians, practitioners, and researchers seeking various research methods to get optimal ordering policy.