Dynamic Revenue and Inventory Management Models

Dynamic Revenue and Inventory Management Models

Author: Yifeng Liu

Publisher:

Published: 2014

Total Pages: 127

ISBN-13:

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Effective pricing and inventory controls are very important for the success of a company, especially in an environment with many uncertainties such as random demand and fluctuating cost. In this work, we first consider pure dynamic pricing. Indeed, we consider three cases: markup in which price can only go up, markdown in which price can only go down, and reversible pricing in which price can go either direction. We also consider a joint pricing and inventory control model in which the raw material price evolves as a Markov process. For this model, we suppose production is make-to-order, so that the conversion from raw material to finished product is carried out only when demand arrives. For the pure pricing model, we establish the optimality of threshold-like policies. We also develop efficient and numerically stable algorithms. For the make-to-order joint inventory-pricing model, we demonstrate the optimality of a base-stock-list-price policy. In addition, we identify conditions under which policy parameters would exhibit monotone trends. Moreover, we showed the significant benefit of adopting cost-dependent base-stock list-price policy.


Inventory Control

Inventory Control

Author: Dieter Bartmann

Publisher: Springer Science & Business Media

Published: 2012-12-06

Total Pages: 271

ISBN-13: 3642871461

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Experts in operations research and developers of software application systems have been treading separate paths for many years. It is urgently necessary to reset this course so that the demanding requirements of variousCIM concepts can be realized. This is specially relevant for computer-based stock management. Both authors, with a number of years of practical experience behind them, have written this book with this objective in mind. The book shows how modern inventory control can be rationally structured with the help of OR. Two aspects are given importance:1) the necessary mathematical derivations are completely explained in detail so that the reader will be able to optimally handle a given situation with the help of the methods learned in this book, and 2) aside from the models, strong emphasis is given on numerical methods. Suitable algorithms are thoroughly explained for the more important cases.


Supply Chain Planning

Supply Chain Planning

Author: Hans-Otto Günther

Publisher: Springer Science & Business Media

Published: 2009-03-05

Total Pages: 392

ISBN-13: 3540937757

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In recent years, supply chain planning has emerged as one of the most challenging problems in the industry. As a consequence, the planning focus is shifting from the management of plant-speci?c operations to a holistic view of the various logistics and productionstages, that is an approach in which suppliers, productionplants and customers are considered as constituents of an integrated network. A major dr- ing force behind this development lies in the globalization of the world economy, which has facilitated the co-operation between different partners working together in world-wide logistics networks. Hence, considerable cost savings can be gained from optimizing the structure and the operations of complex supply networks li- ing plants, suppliers, distribution centres and customers. Consequently, to improve the performance of the entire logistic chain, more sophisticated planning systems and more effective decision support are needed. Clearly, successful applications of supply chain management have driven the development of advanced planning systems (APS), which are concerned with s- porting decision-making activities at the strategic, tactical and operational decision level. These software packages basically rely on the application of quantitative methods, which are used to model the underlying complex decision problems c- sidering the limited availability of resources and the need to react on time to customer orders. The core module at the mid-term level of APS comprises op- ational supply chain planning. In many industries, productionstages are assigned to differentplantsand distribution centreshave been established at geographicallyd- persed locations.


Inventory Management

Inventory Management

Author: Mohamad Y. Jaber

Publisher: CRC Press

Published: 2009-08-11

Total Pages: 246

ISBN-13: 1420079980

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As markets become more dynamic and competitive, companies must reconsider how they view inventory and make changes to their production and inventory systems. They must begin to think outside the classical box and develop a new paradigm of inventory management. Exploring the trend away from classical models based on economic order quantities to depe


Optimization and Inventory Management

Optimization and Inventory Management

Author: Nita H. Shah

Publisher: Springer Nature

Published: 2019-08-31

Total Pages: 470

ISBN-13: 9811396981

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This book discusses inventory models for determining optimal ordering policies using various optimization techniques, genetic algorithms, and data mining concepts. It also provides sensitivity analyses for the models’ robustness. It presents a collection of mathematical models that deal with real industry scenarios. All mathematical model solutions are provided with the help of various optimization techniques to determine optimal ordering policy. The book offers a range of perspectives on the implementation of optimization techniques, inflation, trade credit financing, fuzzy systems, human error, learning in production, inspection, green supply chains, closed supply chains, reworks, game theory approaches, genetic algorithms, and data mining, as well as research on big data applications for inventory management and control. Starting from deterministic inventory models, the book moves towards advanced inventory models. The content is divided into eight major sections: inventory control and management – inventory models with trade credit financing for imperfect quality items; environmental impact on ordering policies; impact of learning on the supply chain models; EOQ models considering warehousing; optimal ordering policies with data mining and PSO techniques; supply chain models in fuzzy environments; optimal production models for multi-items and multi-retailers; and a marketing model to understand buying behaviour. Given its scope, the book offers a valuable resource for practitioners, instructors, students and researchers alike. It also offers essential insights to help retailers/managers improve business functions and make more accurate and realistic decisions.


Business Dynamics Models

Business Dynamics Models

Author: Eugenius Kaszkurewicz

Publisher: SIAM

Published: 2022-11-24

Total Pages: 208

ISBN-13: 1611977312

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This book introduces optimal control methods, formulated as optimization problems, applied to business dynamics problems. Business dynamics refers to a combination of business management and financial objectives embedded in a dynamical system model. The model is subject to a control that optimizes a performance index and takes both management and financial aspects into account. Business Dynamics Models: Optimization-Based One Step Ahead Optimal Control includes solutions that provide a rationale for the use of optimal control and guidelines for further investigation into more complex models, as well as formulations that can also be used in a so-called flight simulator mode to investigate different complex scenarios. The text offers a modern programming environment (Jupyter notebooks in JuMP/Julia) for modeling, simulation, and optimization, and Julia code and notebooks are provided on a website for readers to experiment with their own examples. This book is intended for students majoring in applied mathematics, business, and engineering. The authors use a formulation-algorithm-example approach, rather than the classical definition-theorem-proof, making the material understandable to senior undergraduates and beginning graduates.


Dynamic Pricing and Inventory Control for Multiple Products

Dynamic Pricing and Inventory Control for Multiple Products

Author: Dimitris Bertsimas

Publisher:

Published: 2014

Total Pages: 20

ISBN-13:

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A periodical multi-product pricing and inventory control problem with applications to production planning and airline revenue management is studied. The objective function of the single-period model is shown to be convex for certain types of demand distributions, thus tractable for large instances. A heuristic is proposed to solve the more complex multi-period problem, which is an interesting combination of linear and dynamic programming. Numerical experiments and theoretical bounds on the optimal expected revenue suggest that the extent to which a dynamic policy based on a stochastic model will outperform a simple static policy based on a deterministic model depends on the level of demand variability as measured by the coefficient of variation.


Proceedings of the Eighth International Conference on Management Science and Engineering Management

Proceedings of the Eighth International Conference on Management Science and Engineering Management

Author: Jiuping Xu

Publisher: Springer

Published: 2014-05-06

Total Pages: 787

ISBN-13: 3642551823

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This is the Proceedings of the Eighth International Conference on Management Science and Engineering Management (ICMSEM) held from July 25 to 27, 2014 at Universidade Nova de Lisboa, Lisbon, Portugal and organized by International Society of Management Science and Engineering Management (ISMSEM), Sichuan University (Chengdu, China) and Universidade Nova de Lisboa (Lisbon, Portugal). The goals of the conference are to foster international research collaborations in Management Science and Engineering Management as well as to provide a forum to present current findings. A total number of 138 papers from 14 countries are selected for the proceedings by the conference scientific committee through rigorous referee review. The selected papers in the first volume are focused on Intelligent System and Management Science covering areas of Intelligent Systems, Decision Support Systems, Manufacturing and Supply Chain Management.


Research Handbook on Inventory Management

Research Handbook on Inventory Management

Author: Jing-Sheng J. Song

Publisher: Edward Elgar Publishing

Published: 2023-08-14

Total Pages: 565

ISBN-13: 180037710X

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This comprehensive Handbook provides an overview of state-of-the-art research on quantitative models for inventory management. Despite over half a century’s progress, inventory management remains a challenge, as evidenced by the recent Covid-19 pandemic. With an expanse of world-renowned inventory scholars from major international research universities, this Handbook explores key areas including mathematical modelling, the interplay of inventory decisions and other business decisions and the unique challenges posed to multiple industries.