A one-vendor multi-buyer integrated inventory model
Article Abstract:
A one-vendor multi-buyer integrated inventory model is proposed. The model aims to minimize the total annual cost of a vendor subject to the maximum expense the buyer is willing to shoulder. The vendor needs only to know the annual demand and previous order frequency of the buyer, which can be computed from previous ordering behavior, to implement the model. A heuristic approach is proposed to effect the one-vendor multi-buyer scenario.
Publication Name: European Journal of Operational Research
Subject: Business, international
ISSN: 0377-2217
Year: 1995
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Periodic review stochastic inventory problem with forecast updates: worst-case bounds for the myopic solution
Article Abstract:
Steady states and transient states of the inventory problem with built-in forecast updates are characterized and results are evaluated using dynamic programming. Steady states are shown to posses convexity, limits and boundedness with the myopic policy proven to be near-optimal. Dynamic programming solutions on two accuracy levels show that optimal solutions turn out to be one of the two integers closest to the myopic.
Publication Name: European Journal of Operational Research
Subject: Business, international
ISSN: 0377-2217
Year: 1998
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