Clearance pricing and inventory policies for retail chains

Article Abstract:

Modeling assumptions associated with optimal clearance prices and inventory policies are described. The policies considered the effect of reduced assortment and seasonal changes on sales rates. Clearance prices differ from other types of retail pricing decisions in a number of ways. These were related to clearance markdowns, incomplete assortments and reduced merchandise selection and promotion of clearance prices. Several factors were also considered by the modeling assumptions, including the association between sales rate with price, inventory levels and seasonal variations. Moreover, uncertainties with competition and increase in sales rate as represented by the clearance markdown were taken into account in the assumptions. The policies include an estimation of the model parameters for a computer-based system implemented.

Retail Trade, Marketing, Inventory Control, Pricing Policy, Management, Retail industry, Pricing, Special sales

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Job completion based inventory systems: optimal policies for repair kits and spare machines

Article Abstract:

Multi-item inventory systems that contain repair kits of spare parts and tools and may include an inventory of spare machines are examined. It is shown that the optimal policies for the general repair kit model in Mamer and Smith (1982) are 'nested' as the inventory investment increases. When the repair kit model is extended to include the option of holding a pool of spare machines, an optimization procedure is presented which determines the minimum total inventory investment required to produce a given overall level of service performance.

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A constrained capital budgeting problem with applications to repair kit selection

Article Abstract:

A capital budgeting problem is discussed in which a known set of activities must be performed for each potential project, and the sets of activities required by the projects are not are not mutually exclusive. The performance of each activity involves a known fixed cost and consumption of a scarce resource. The capital budgeting problem is formulated as a maximal network flow problem, and an optimal solution is found using Lagrangian relaxation.

Research, Management science, Models, Capital investments, Lagrange equations

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