Hybrid ordering policies for platelet inventory management under demand uncertainty

2019 ◽  
Vol 10 (2) ◽  
pp. 113-126 ◽  
Author(s):  
Suchithra Rajendran ◽  
Sharan Srinivas
Keyword(s):  
Inventory Management ◽  
Demand Uncertainty ◽  
Ordering Policies

Inventory Management in Competition Environment Based on Customer Service

2011 ◽  
Vol 58-60 ◽  
pp. 2141-2146
Author(s):  
Xiao Di ◽  
Bao Xing
Keyword(s):  
Supply Chain ◽  
Supply Chains ◽  
Customer Service ◽  
Inventory Management ◽  
Demand Uncertainty ◽  
Management Policy ◽  
Management Decision ◽  
Inventory Level ◽  
On Demand ◽  
Optimal Policies

Based on demand uncertainty, the paper studies inventory management decision of two competing supply chains from the perspective of customer service. The paper mainly discusses two different inventory strategies, which are widely used, that is, consignment stock and VMI, and analyzes the optimal policies under three competitive scenarios, which consist of using consignment stock in both supply chains (CC mode), using VMI in both supply chains (DD mode), and using consignment stock in one supply chain but VMI another (VC mode). The paper compares equilibrium inventory level and profit of supply chain in different competitive modes, and concludes that both supply chains use VMI is equilibrium, which means that when manufacturers have right to choose inventory management policy, they prefer VMI. But it isn’t paradoxical with the phenomenon that consignment stock is common in reality, because manufacturers are forced to use consignment by retailer’s channel power.

Aligning Aggregate Planning with (s,S) Inventory Model in a Stochastic Demand Environment

2018 ◽  
Vol 9 (1) ◽  
pp. 29-44 ◽  
Author(s):  
Shantanu Shankar Bagchi ◽  
Rik Paul
Keyword(s):  
Inventory Management ◽  
Demand Uncertainty ◽  
Stochastic Demand ◽  
Model System ◽  
Inventory Model ◽  
Periodic Review ◽  
Supplier Relationships ◽  
Long Run ◽  
Monitoring Costs ◽  
Review Model

Designing an aggregate plan is essential for firms to improve the efficiency of their inventory management as well as maintaining supplier relationships over a long run. Aggregate plan is primarily a function of demand uncertainty and the inventory policy in place. Firms tend to follow either a periodic review model ( system) or a perpetual model ( system) for managing inventory time to time; the former being more prevalent due to lower inventory monitoring costs associated. The article proposes a mathematical model that incorporates the principles of inventory model in deciding on the key components of an aggregate plan for each period in a multi-period stochastic demand environment for both stationary and non-stationary demand scenarios. The article also provides numerical illustrations to demonstrate the application of the model.

Study on Order Policies of Fresh Food Base on Safety Reliability

2012 ◽  
Vol 452-453 ◽  
pp. 853-857
Author(s):  
Yi Feng Zou ◽  
Ru He Xie
Keyword(s):  
Inventory Management ◽  
Inventory Model ◽  
Cold Chain ◽  
Fresh Food ◽  
Demand Rate ◽  
Ordering Policies

According to the characteristics of fresh food inventory management, an inventory model of fresh food is established based on the safety reliability of food cold chain logistics. Through solving the model and comparing the solutions, three important ordering policies of fresh food are gained. First, the greater the requirement of safety of fresh food is, the shorter its order cycle. Second, the higher the demand rate of fresh food is, the shorter its order cycle. Third, the better the condition of inventory is, the longer its order cycle.

scholarly journals Investigating Inventory Strategy Under Demand Distribution Fluctuation in Dual-Channel Supply Chain

2021 ◽  
Vol 8 ◽  
Author(s):  
Nai-Ru Xu ◽  
Jie Cheng ◽  
Zheng-Qun Cai
Keyword(s):  
Supply Chain ◽  
Inventory Management ◽  
Distribution System ◽  
Demand Uncertainty ◽  
Management Problem ◽  
Market Demand ◽  
Supply Chain System ◽  
Demand Distribution ◽  
Dual Channel ◽  
Dual Channel Supply Chain

When manufacturers construct a dual-channel distribution system, which includes online and offline sales channels, they need to solve the inventory management problem to ensure supply and reduce inventory costs of the supply chain system. The dual-channel supply chain is the research object, and the inventory decision model is designed to achieve optimal profit when market demand is divided into online and offline demands. The results of the numerical analysis and simulations, conducted using MATLAB, indicate that both the manufacturer and the retailer increase their inventories and that their profits decrease when demand uncertainty increases. Besides, the increase in the online demand ratio causes the increase in the manufacturer’s inventory and reduces the profits of the retailer and the entire supply chain.

scholarly journals Application of Lateral Transshipment in Cost Reduction of Decentralized Systems

2020 ◽  
Vol 12 (12) ◽  
pp. 5081
Author(s):  
Yi Liao ◽  
Jun Li ◽  
Xinxin Hu ◽  
Ying Li ◽  
Wenjing Shen
Keyword(s):  
Inventory Management ◽  
Cost Reduction ◽  
Demand Uncertainty ◽  
Switching Behavior ◽  
Primary Concern ◽  
Decentralized Systems ◽  
Product Availability ◽  
Multi Stage ◽  
Lateral Transshipment ◽  
The Impact

COVID-19 has exposed the global supply chains to great vulnerability. In such extreme circumstances, product availability becomes a primary concern. This paper studies a basic inventory management strategy—lateral transshipment—under decentralized systems, which may play an important role in dealing with stockouts during unexpected crises. Lateral transshipments not only react quickly to stockout, but are also environmentally friendly due to the significant reduction of production and transportation pollution. This paper studies optimal lateral transshipment and replenishment decisions under a decentralized setting. We construct a multi-stage stochastic model that captures demand uncertainty and customer switching behavior. We demonstrate that, similar to the centralized setting, the optimal transshipment decision follows a double-threshold structure. The optimal replenishment quantities are determined under two pricing mechanisms—individual mechanism (IP) and negotiated mechanism (NP). Numerical examples are provided to demonstrate the impact of lateral transshipment on supply chain cost reduction.

scholarly journals An Inventory Decision Model When Demand Follows Innovation Diffusion Process under Effect of Technological Substitution

2013 ◽  
Vol 2013 ◽  
pp. 1-10
Author(s):  
K. K. Aggarwal ◽  
Chandra K. Jaggi ◽  
Alok Kumar
Keyword(s):  
Diffusion Process ◽  
Innovation Diffusion ◽  
Inventory Management ◽  
Technological Development ◽  
New Products ◽  
Evolutionary Process ◽  
Optimal Solution ◽  
Demand Model ◽  
Ordering Policies ◽  
Innovation Diffusion Process

The concept of marketing literature, especially innovation diffusion concept, plays a pivotal role in developing EOQ models in the field of inventory management. The integration of marketing parameters, especially the idea of diffusion of new products with the inventory models, makes the models more realistic which is most essential while building the economic ordering policies of the products. Also, because of rapid technological development, the diffusion of technology can also be viewed as an evolutionary process of replacement of an old technology by a new one. Therefore, the effect of technological substitution along with the diffusion of new products must be taken into account while formulating economic ordering policies in an inventory model. In this paper, a mathematical model has been developed for obtaining the Economic Order Quantity (EOQ) in which the demand of the product is assumed to follow an innovation diffusion process as proposed by Fourt and WoodLock (1960). The idea of effect of technological substitution of products has been incorporated in the demand model to make the economic ordering policies more realistic. A numerical example with sensitivity analysis of the optimal solution with respect to different parameters of the system is performed to illustrate the effectiveness of the model.

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