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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Journal ArticleDOI
Supply chain partnerships: Opportunities for operations research
Michael J. Maloni,W. C. Benton +1 more
TL;DR: A review of supply chain research from both the qualitative conceptual and analytical operations research perspectives is provided in this article, where the authors provide a review of the current conceptual based supply chain literature.
Journal ArticleDOI
Integrated inventory models: The buyer-vendor coordination
Suresh Kumar Goyal,Yash P. Gupta +1 more
TL;DR: In this article, the literature dealing with integrated inventory models (buyer-vendor coordination) has been reviewed and a scheme to classify these models is presented, and future research areas have been identified.
Journal ArticleDOI
A supply chain model of vendor managed inventory
TL;DR: In this paper, the authors evaluate how vendor managed inventory (VMI) affects a supply channel and find that VMI always leads to a higher buyer's profit, but supplier's profit varies.
Journal ArticleDOI
Buyer vendor coordination models in supply chain management
TL;DR: This paper reviews literature dealing with buyer vendor coordination models that have used quantity discount as coordination mechanism under deterministic environment and classified the various models.
Journal ArticleDOI
Production lot sizing with machine breakdowns
TL;DR: In this article, the effects of machine breakdowns and corrective maintenance on the economic lot sizing decisions are investigated. But the authors focus on the effects on the effect of machine failure on the lot sizing decision.
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.