The paper presents an analytic approximation for computing (s, S) policies for single items under periodic review with fixed ordering costs, linear holding costs and a service level requirement. The replenishment lead time is fixed and unfilled demand is backlogged. The approximation is similar...

A common theme in the studies of flexible supply contracts has been the producer's profit-maximization problem without regard to the suppliers' reactions. However, suppliers do react and protect their downside against producer's operating policies by revising their strategies in a manner...

The accelerated pace of technological change has led to rapid obsolescence of productive capacity in electronics and other industries. Managers must consider the impact of future technologies while making acquisition and replacement decisions in such environments. We consider a problem where a...

Managing highly skilled employees is extremely complex because of the need to balance the costs and time lags associated with their training against the need to meet demand as quickly as possible. Unlike previous approaches to this problem in the staffing literature, this paper develops an...

We consider the problem of determining (for a short lifecycle) retail product initial and replenishment order quantities that minimize the cost of lost sales, back orders, and obsolete inventory. We model this problem as a two-stage stochastic dynamic program, propose a heuristic, establish...

The combination of electric vehicles and renewable energy is taking shape as a potential driver for a future free of fossil fuels. However, the efficient management of the electric vehicle fleet is not exempt from challenges. It calls for the involvement of all actors directly or indirectly...

Global change in climate and consequent large impacts on regional hydrologic systems have, in recent years, motivated significant research efforts in water resources modeling under climate change. In an integrated future hydrologic scenario, it is likely that water availability and demands will...

A genetic algorithm (GA) and a backward moving stochastic dynamic programming (SDP) model has been developed for derivation of operational policies for a multi-reservoir system in Kodaiyar River Basin, Tamil Nadu, India. The model was developed with the objective of minimizing the annual sum of...

In this study, a factorial-based fuzzy-stochastic dynamic programming (FFS-DP) method is developed for tackling multiple uncertainties including fuzziness, randomness and their interaction in reservoir operation management (ROM). FFS-DP is framed on the integration of stochastic dynamic...