Browsing by Subject "Inventory Control"

Now showing 1 - 5 of 5

Open Access
ABC Inventory classification application: Özdemirler
(1989) Duru, Mehmet
ABC inventory classification can result in more effective control of business. In this work, ABC method is applied to Ozdemirler to examine the inventory profile of the store, and to be able to aid the management in allocating control effort among items more effectively.
Open Access
Analysis of simple inventory control systems with execution errors: Economic impact under correction opportunities
(Elsevier, 2010-06) Gel, E. S.; Erkip, N.; Thulaseedas, A.
Motivated by recent empirical evidence, we study the economic impact of inventory record inaccuracies that arise due to execution errors. We model a set of probable events regarding the erroneous registering of sales at each demand arrival. We define correction opportunities that can be used to (at least partially) correct inventory records. We analyze a simple inventory control model with execution errors and correction opportunities, and demonstrate that decisions that consider the existence of recording errors and the mechanisms with which they are corrected can be quite complicated and exhibit complex tradeoffs. To evaluate the economic impact of inventory record inaccuracies, we use a simulation model of a (Q,r) inventory control system and evaluate suboptimalities in cost and customer service that arise as a result of untimely triggering of orders due to inventory record inaccuracies. We show that the economic impact of inventory record inaccuracies can be significant, particularly in systems with small order sizes and low reorder levels.
Open Access
An inventory management system for the Purchasing Department of Bilkent University
(1991) Turanlı, Turan
ABC Classification enables management to establish an effective inventory management system. The Economic Order Quantity (EOQ) model minimizes the costs associated with ordering items and holding stocks. This study applies the ABC method and the EOQ model to examine the inventory profile of Bilkent University so that it will aid management in lowering inventory costs and controlling stocks more effectively.
Open Access
Optimal order quantity and pricing decisions in single-period inventory systems
(1991) Polatoğlu, Lütfi Hakan
In this paper, we consider simultaneous pricing and procurement decisions associated with a one-period pure inventory model under deterministic or probabilistic demand. We investigate the necessary and sufficient conditions for an (σ, Σ) type policy to be optimal for the determination of the procurement quantity. We also show how the corresponding optimal price can be obtained. © 1991.
Open Access
Structural results for average-cost inventory models with partially observed Markov-modulated demand
(2018-05) Avcı, Harun
We consider a discrete-time in nite-horizon inventory system with full backlogging, deterministic replenishment lead time, and Markov-modulated demand. The actual state of demand can only be imperfectly estimated based on past demand data. We model the inventory replenishment problem as a Markov decision process with an uncountable state space consisting of both the inventory position and the most recent belief about the actual state of demand. When the demand state evolves according to an ergodic Markov chain, using the vanishing discount method along with a coupling argument, we prove the existence of an optimal average cost that is independent of the initial system state. With this result, we establish the average-cost optimality of a belief-dependent base-stock policy. We then discretize the belief space into a regular grid. The average cost under our discretization converges to the optimal average cost as the number of grid points grows large. Finally, we conduct numerical experiments to evaluate the use of a myopic belief-dependent base-stock policy as a heuristic. On a test bed of 108 instances, the average cost under the myopic policy deviates by no more than a few percent from the best lower bound on the optimal average cost obtained from our discretization.