Journal ArticleDOI
A stochastic EPLS model with random price sensitive demand
TLDR
In this paper, a stochastic EPLS (economic production lot size) model with price sensitive demand when the price is random in character is considered. But the model is not suitable for real estate businesses, as the price fluctuates due to the variation of a number of factors such as brokerage, inflation and time value of money etc.Abstract:
In real estate businesses, the price fluctuates due to the variation of a number of factors such as brokerage, inflation and time value of money etc. In this article we consider an stochastic EPLS (economic production lot size) model with price sensitive demand when the price is random in character. The model investigates a self manufacturing/finite replenishment rate with profit maximization problem for a single item over finite time horizon, allowing shortages. A general model is built up by taking production cost, holding cost, shortage cost and selling price into consideration. The general model is analyzed by considering three different distributions of selling price: uniform distribution, exponential distribution and linear distribution for showing the flexibility and utility of the model. Numerical examples are illustrated to test the proposed model. Sensitivity analysis is carried out. A comparative study between these three distributions has also been done.read more
Citations
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Journal ArticleDOI
An improved inventory model with partial backlogging, time varying deterioration and stock-dependent demand
Biswajit Sarkar,Sumon Sarkar +1 more
TL;DR: In this paper, an inventory model for deteriorating items with stock-dependent demand is proposed, and the aim of this model is to determine the optimal cycle length of each product such that the expected total cost (holding, shortage, ordering, deterioration and opportunity cost) is minimized.
Posted Content
A Periodic Review Inventory Model with Demand Influenced by Promotion Decisions
Feng Cheng,Suresh Sethi +1 more
TL;DR: A Markov decision process (MDP) is used to model the joint inventorypromotion decision problem and shows that there is a threshold inventory level P for each demand state such that if the threshold is exceeded, then it is desirable to promote the product.
Journal ArticleDOI
Multi-item EOQ model while demand is sales price and price break sensitive
TL;DR: In this paper, a multi-item deterministic EOQ (economic order quantity ) model for a vendor when the demand rate of the essential commodities decreases quadratically with increasing sales price and increase exponentially with increasing level of price breaks is proposed.
Journal ArticleDOI
An optimal shipment strategy for imperfect items in a stock-out situation
TL;DR: The objective of this paper is to minimize the expected total cost by consolidating a number of batches of imperfect quality products of different cycles for a single shipment and maximize the expected average profit function.
Journal ArticleDOI
An integrated producer–buyer relationship in the environment of EMQ and JIT production systems
TL;DR: In this article, an integrated producer-buyer inventory model with constant demand and small lot size is framed in two different production environments: an EMQ (economic manufacturing quantity)-based production environment and a JIT (just-in-time) based production environment.
References
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Book ChapterDOI
Supply Chain Coordination with Contracts
TL;DR: This chapter extends the newsvendor model by allowing the retailer to choose the retail price in addition to the stocking quantity, and discusses an infinite horizon stochastic demand model in which the retailer receives replenishments from a supplier after a constant lead time.
Journal ArticleDOI
Pricing and the News Vendor Problem: a Review with Extensions
TL;DR: This paper provides a comprehensive review that synthesizes existing results for the single period problem and develops additional results to enrich the existing knowledge base, and reviews and develops insight into a dynamic inventory extension of this problem.
Journal ArticleDOI
Combined Pricing and Inventory Control Under Uncertainty
Awi Federgruen,Aliza Heching +1 more
TL;DR: This paper addresses the simultaneous determination of pricing and inventory replenishment strategies in the face of demand uncertainty by analyzing the following single item, periodic review model.
Journal ArticleDOI
Note. the Role of Returns Policies in Pricing and Inventory Decisions for Catalogue Goods
TL;DR: In this article, the effect of return policies on both a retailer's and a manufacturer's profits is examined. But they focus on the effect that such return policies have on both the retailer and the manufacturer.
Journal ArticleDOI
A Deterministic Inventory System with an Inventory-Level-Dependent Demand Rate
Richard Baker,Timothy L. Urban +1 more
TL;DR: In this article, a continuous, deterministic case of an inventory system in which the demand rate of an item is of a polynomial functional form, dependent on the inventory level is analyzed.