Inventory policy with time-dependent setup cost

Article Abstract:

A mathematical model has been created to determine inventory policy for a given time period T on which setup costs will depend. The algorithm is a mathematical solution to find an optimum inventory policy that minimizes total inventory expenses which is needed for the particular time interval T. It enables the researcher to know how often an order must be placed during a certain time interval T, to establish the ordering time points and to establish the amount to be ordered at each time point of ordering.

Material requirements planning

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A stochastic inventory problem with piecewise quadratic costs

Article Abstract:

A variation on the periodic review model is used to analyze a stochastic inventory problem. The method incorporates stochastic demands and piecewise quadratic costs in order to realistically represent actual situations. The results show that both the costs of deviations from ideal inventory levels and ideal purchase quantity levels are piecewise quadratic with a cost-free interval. The best ordering quantity at the start of each period is a non-linear function of the entering inventory.

Analysis, Usage, Stochastic analysis, Inventories, Cost (Economics), Costs (Economics)

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A periodic review inventory model with Markovian supply availability

Article Abstract:

The infrequent shortage of materials or products has an effect on the purchasing and production planning of manufacturers, wholesalers and retailers. An inventory model in a periodic-review setting with setup costs has been created and takes into account the event of a shortage of materials or products. Supply availability in the previous period is assumed to be currently known and determines the probability of an order being filled in full or not at all.

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