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We deal with the problem of a profit-maximizing vendor selling a perishable product. At the beginningof a planning cycle, the vendor determines a minimum committed order per period. During the cycle, he may also place a supplemental order in each period based on the observed demand signal in...
Persistent link: https://www.econbiz.de/10012757846
This paper is concerned with long-run average cost minimization of a stochastic inventory problem with Markovian demand, fixed ordering cost, and convex surplus cost. The states of the Markov chain represent different possible states of the environment. Using a vanishing discount approach, a...
Persistent link: https://www.econbiz.de/10014211241
We study the case of a catalogue/internet mail order retailer selling seasonal productsand receiving large numbers of commercial returns. Returned products arriving beforethe end of the selling season can be resold if there is sufficient demand. A single orderis placed before the season starts....
Persistent link: https://www.econbiz.de/10014074727
This paper considers a production-inventory problem in which the manufacturer participates in an energy buy-back program, which offers him probabilistic opportunities with rewards for not using electricity. That is, the manufacturer will get paid for stopping production to save on electricity....
Persistent link: https://www.econbiz.de/10014046878
Under many circumstances, demand observations are often censored due to the lack of tracking lost sales caused by stockouts. To understand the impact of the lost sales information on the ordering decisions, a periodic-review inventory model is formulated in which only the sales information is...
Persistent link: https://www.econbiz.de/10014213226
Inventory control is among the most important topics in operations research because of large investments in inventory and their effect on the profitability of the firms. A systematic analysis of inventory problems began with the development of the classical EOQ formula of Ford W. Harris in 1913,...
Persistent link: https://www.econbiz.de/10013069017
Inventory control is among the most important topics in operations research because of large investments in inventory and their effect on the profitability of the firms. A systematic analysis of inventory problems began with the development of the classical EOQ formula of Ford W. Harris in 1913,...
Persistent link: https://www.econbiz.de/10014037303
Maximization of wealth of his owners is the basic financial aim in management of enterprise. Inventory management must contribute to realization this aim. Article presents value based EOQ model modification
Persistent link: https://www.econbiz.de/10014049305
Renewable energy production plays a crucial role in the energy transition. However, many renewable energy sources (RES) are intermittent, and there is often a mismatch between energy production and consumption, which can be partially solved by storage. In this paper, we investigate the...
Persistent link: https://www.econbiz.de/10015198348
Persistent link: https://www.econbiz.de/10014391499