A stochastic inventory model incorporating intra-year purchases and accounting tax incentives

Article Abstract:

Firms change year-end inventory policies in response to accounting tax incentives. A stochastic ordering policy model is presented that quantifies the effects of these policy changes and that uses two decision variables: an initial order-up-to-level at the start of each year, and a desired year-end inventory level. An explicit consideration of the effects of tax incentives on order quantity decisions is allowed by the ability to place a second order after demand has been assessed. Last-in, first-out (LIFO) and first-in, first-out (FIFO), two common inventory accounting methods, have separate formulations developed. New implications for choices between LIFO and FIFO are provided by the model, as well as forms of optimal ordering policies under each accounting method.

Analysis, Tax planning, Stochastic analysis, Depreciation, Accelerated depreciation

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Flexible manufacturing systems: a review of analytical models

Article Abstract:

Recent research on the development of analytical models of flexible manufacturing systems (FMS) is summarized and analyzed, with assessments made on the strengths and weaknesses of each modeling approach. Several possible directions for extending the research are discussed, specifically the representation of FMS operation aspects, such as: tool delivery systems, the blocking phenomenon, their transient behavior, and the differences between FMS and flexible assembly systems. It is also claimed that more work is necessary on FMS control structures and their closer integration with plant production planning and control.

Flexible manufacturing systems

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On approximate queueing models of dynamic job shops

Article Abstract:

Mathematical models and queueing studies are analyzed for job shops with dispatching capabilities and machine shop processes, where both the dispatch area and the machine shop are vested with certain operational controls. The models of shops discussed are identified as being pseudo-static, purely dynamic, or pseudo-dynamic. Queueing models developed are appropriate for purely dynamic shops, pseudo-dynamic shops, open queueing networks, and controlled arrival queues. The accuracy of the models and the efficiencies of the shops are examined and explained.

Research, Case studies, Machine shops, Stochastic processes, Queuing theory

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