Periodic review inventory control with fluctuating purchasing costs

2004 ◽  
Vol 32 (4) ◽  
pp. 374-379 ◽  
Author(s):  
Srinagesh Gavirneni
Keyword(s):  
Inventory Control ◽  
Periodic Review ◽  
Periodic Review Inventory

scholarly journals Forecast Methods and Periodic Review Inventory Model for Supply Planning to Reduce Food Waste

2021 ◽  
pp. 24-40
Author(s):  
Leslie-Noelia Ceballos-Palomares ◽  
Andrés-Benjamín Nava-Jiménez ◽  
Santiago-Omar Caballero-Morales ◽  
Patricia Cano-Olivos
Keyword(s):  
Inventory Control ◽  
Food Waste ◽  
Control Model ◽  
Perishable Products ◽  
Periodic Review ◽  
Stochastic Inventory ◽  
Stochastic Inventory Control ◽  
Supply Planning ◽  
Inventory Control Model ◽  
Periodic Review Inventory

Food waste is an important economic and resource problem in all countries around the world.  Particularly, the restaurant sector highly contributes to food waste and limited efforts or studies have been performed to overcome this problem. In this context, the present study addresses an alternative to improve the supply planning for perishable products in the restaurant sector through the application of specific forecasting methods and a stochastic inventory control model. For this purpose, a real enterprise within this economic sector was considered. Our findings support that monthly forecasts can be more appropriate for accurate demand estimation and supply planning of perishable products, which is important to reduce unnecessary products. Also, the periodic review inventory control model can lead to a more appropriate supply scheme to reduce the waste of surplus food. These findings and the proposed techniques can be used for other economic entities to reduce product waste due to poor supply planning.

scholarly journals Dynamic Inventory and Pricing Policy in a Periodic-Review Inventory System with Finite Ordering Capacity and Price Adjustment Cost

2015 ◽  
Vol 2015 ◽  
pp. 1-8 ◽  
Author(s):  
Baimei Yang ◽  
Chunyan Gao ◽  
Na Liu ◽  
Liang Xu
Keyword(s):  
Inventory Control ◽  
Inventory System ◽  
Price Adjustment ◽  
Adjustment Cost ◽  
Optimal Pricing ◽  
Periodic Review ◽  
Pricing Policy ◽  
Periodic Review Inventory System ◽  
Periodic Review Inventory ◽  
Ordering Quantity

We consider a dynamic inventory control and pricing optimization problem in a periodic-review inventory system with price adjustment cost. Each order occurs with a fixed ordering cost; the ordering quantity is capacitated. We consider a sequential decision problem, where the firm first chooses the ordering quantity and then the sale price to maximize the expected total discounted profit over the sale horizon. We show that the optimal inventory control is partially characterized by as, s′, ppolicy in four regions, and the optimal pricing policy is dependent on the inventory level after the replenishment decision. We present some numerical examples to explore the effects of various parameters on the optimal pricing and replenishment policy.

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