Journal ArticleDOI
A joint economic-lot-size model for purchaser and vendor
TLDR
In this article, a joint economic-lot-size model for a special case where a vendor produces to order for a purchaser on a lot-for-lot basis under deterministic conditions is developed.Abstract:
In a typical purchasing situation, the issues of price, lot sizing, etc, usually are settled through negotiations between the purchaser and the vendor Depending on the existing balance of power, the end result of such a bargaining process may be a near-optimal or optimal ordering policy for one of the parties (placing the other in a position of significant disadvantage) or, sometimes, inoptimal policies for both parties This paper develops a joint economic-lot-size model for a special case where a vendor produces to order for a purchaser on a lot-for-lot basis under deterministic conditions The focus of this model is the joint total relevant cost It is shown that a jointly optimal ordering policy, together with an appropriate price adjustment, can be beneficial economically for both parties or, at the least, does not place either at a disadvantageread more
Citations
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Proceedings ArticleDOI
A fuzzy integrated vendor-buyer inventory policy of deteriorating items under credibility measure
TL;DR: A fuzzy chance-constrained programming model is developed and an integrated vendor-buyer ordering policy of deteriorating item with fuzzy joint cost and fuzzy vendor's and buyer's average inventory investment constraints is developed.
Journal ArticleDOI
Single setup multiple delivery model of JIT system
TL;DR: In this article, the authors proposed a single-setup-multiple-delivery (SSMD) model, where the lead time of the raw material supplier and the production of the manufacturer is considered.
Journal ArticleDOI
Replenishment lot size and number of shipments for epq model derived without derivatives
Kuang-Ku Chen,Singa Wang Chiu +1 more
TL;DR: In this article, an algebraic approach was proposed to derive the optimal replenishment lot size and optimal number of shipments for economic production quantity (EPQ) model with rework process using an algebraical approach.
Journal ArticleDOI
The integrated policy with immediate return for defective items
TL;DR: In this article, the authors investigate a single-vendor single-retailer production-inventory model for products with imperfect quality, where a 100% inspection process is conducted to screen out the defectives contained in the received lot.
Journal ArticleDOI
Consignment stock policy using genetic algorithm for effective inventory management in supply chains
Ch. Srinivas,C.S.P. Rao,Y.V. Rao +2 more
TL;DR: In this article, the authors considered single-vendor?multi-buyer Consignment Stock Policy (CSP) inventory model which is a distinctive flavour of vendor managed inventory (VMI).
References
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Book
Decision Systems for Inventory Management and Production Planning
TL;DR: In this article, an in-depth discussion of the major decisions in production planning, scheduling, and inventory management faced by organizations, both private and public, is presented, as well as the latest systems used to make decisions, including Just-in-Time Manufacturing, KANBAN, Distribution Requirements Planning and PUSH Control.
Journal ArticleDOI
Eoq formula: is it valid under inflationary conditions?
TL;DR: In this paper, it was shown that changes in the inflation rate should not affect the cost of capital that is utilized in the economic order quantity (EOQ) formula for determining order quantities.
Journal ArticleDOI
The Classical Economic Order Quantity Formula
TL;DR: In this paper, a stochastic version of the classical economic lot size model is developed, which yields the traditional square root formula where the constant demand term is replaced by mean demand.