scholarly journals Optimal Ordering Strategy for Goods at Multiple Retail Prices under Simultaneous Sales

2019 ◽  
Vol 2019 ◽  
pp. 1-14 ◽  
Author(s):  
Yunzhi Mu ◽  
Zhiqing Meng ◽  
Rui Shen ◽  
Gengui Zhou ◽  
Leiyan Xu ◽  
...  
Keyword(s):  
Research Work ◽  
Lagrangian Multiplier ◽  
Price Strategy ◽  
Order Quantity ◽  
Retail Prices ◽  
Demand Volatility ◽  
Newsboy Model ◽  
Lagrangian Multiplier Method ◽  
Optimal Ordering ◽  
Better Than

To stimulate purchases from consumers, retailers nowadays use the multiple retail prices strategy (MRPS), i.e., selling the products at multiple prices simultaneously. The paper extends the current newsboy model and proposes an optimal ordering model for MRPS corresponding to uncertain consumer demands. The Lagrangian multiplier method is applied to solve the problem, and an algorithm for finding the approximate optimal total order quantity is designed. Numerical results show that MRPS is better than the single retail price strategy (SRPS). It further reveals that when there is an order quantity constraint, the retailer needs to control the number of retail prices; that is, retailer’s MRPS is affected by order quantity constraint; sensitivity analysis demonstrates that MRPS is also affected by the price discount coefficient in the case of no order quantity constraint while it is not affected by demand volatility. The research work provides some useful managerial inspirations for retailers.

scholarly journals Retailer’s optimal ordering policies for EOQ model with imperfective items under a temporary discount

2016 ◽  
Vol 26 (2) ◽  
pp. 219-240
Author(s):  
Wen Lin ◽  
Horng Chang
Keyword(s):  
Economic Order Quantity ◽  
Order Quantity ◽  
Objective Functions ◽  
Inventory Models ◽  
Screening Process ◽  
Numerical Examples ◽  
Closed Form Solutions ◽  
Eoq Model ◽  
Optimal Ordering ◽  
Special Order

In this article, we study inventory models to determine the optimal special order and maximum saving cost of imperfective items when the supplier offers a temporary discount. The received items are not all perfect and the defectives can be screened out by the end of 100% screening process. Three models are considered according to the special order occurs at regular replenishment time, non-regular replenishment time, and screening time of economic order quantity cycle. Each model has two sub-cases to be discussed. In temporary discount problems, in general, there are integer operators in objective functions. We suggest theorems to find the closed-form solutions to these kinds of problems. Furthermore, numerical examples and sensitivity analysis are given to illustrate the results of the proposed properties and theorems.

Lagrangian Multiplier Method

2014 ◽  
pp. 33-37 ◽  
Author(s):  
Sinniah Ilanko ◽  
Luis E. Monterrubio ◽  
Yusuke Mochida
Keyword(s):  
Multiplier Method ◽  
Lagrangian Multiplier ◽  
Lagrangian Multiplier Method

scholarly journals Procurement Strategies Using Portfolio Approach Based on Options and Spot Markets Procurement

2017 ◽  
Vol 12 (10) ◽  
pp. 212
Author(s):  
Wang Heng ◽  
Xu Qi
Keyword(s):  
Spot Market ◽  
Spot Price ◽  
Order Quantity ◽  
Price Fluctuation ◽  
Purchase Order ◽  
Option Contract ◽  
Batch Ordering ◽  
Optimal Ordering ◽  
Procurement Strategies ◽  
Joint Purchase

The paper explored the conditions for retailers to implement option contract and the strategies to make joint purchase in spot market. Under the condition of uncertain market demands, a joint purchase model integrating batch ordering, option contract and spot market has been developed. Considering price fluctuation, the conditions for implementing option contract-based ordering have been studied; the impacts of price fluctuation and option execution price on retailers optimal ordering of joint purchase have been analyzed as well. The result shows that if a retailer adopts a joint purchase strategy, certain constraints need to be met. Otherwise, it is more conductive for the retailer to maximize revenues by adopting a single purchase order. When the spot market is involved, the total order quantity and the order quantity of option contract are negatively correlated with the option execution price and are positively correlated with the spot price fluctuation; and, the order quantity of bulk order contract is positively correlated with the option execution price and is negatively correlated with the spot price fluctuation.

scholarly journals Prediction of CO2 Solubility in Ionic Liquids Based on Multi-Model Fusion Method

Processes ◽  
2019 ◽  
Vol 7 (5) ◽  
pp. 258 ◽  
Author(s):  
Luyue Xia ◽  
Jiachen Wang ◽  
Shanshan Liu ◽  
Zhuo Li ◽  
Haitian Pan
Keyword(s):  
Ionic Liquids ◽  
Information Entropy ◽  
Research Work ◽  
Entropy Method ◽  
Modeling Method ◽  
Least Square ◽  
Fusion Model ◽  
Co2 Solubility ◽  
Model Fusion ◽  
Better Than

Reducing the emissions of greenhouse gas is a worldwide problem that needs to be solved urgently for sustainable development in the future. The solubility of CO2 in ionic liquids is one of the important basic data for capturing CO2. Considering the disadvantages of experimental measurements, e.g., time-consuming and expensive, the complex parameters of mechanism modeling and the poor stability of single data-driven modeling, a multi-model fusion modeling method is proposed in order to predict the solubility of CO2 in ionic liquids. The multiple sub-models are built by the training set. The sub-models with better performance are selected through the validation set. Then, linear fusion models are established by minimizing the sum of squares of the error and information entropy method respectively. Finally, the performance of the fusion model is verified by the test set. The results showed that the prediction effect of the linear fusion models is better than that of the other three optimal sub-models. The prediction effect of the linear fusion model based on information entropy method is better than that of the least square error method. Through the research work, an effective and feasible modeling method is provided for accurately predicting the solubility of CO2 in ionic liquids. It can provide important basic conditions for evaluating and screening higher selective ionic liquids.

An Optimal Inventory Policy for Items Having Constant Demand and Constant Deterioration Rate with Trade Credit

2012 ◽  
Vol 5 (2) ◽  
pp. 89-95 ◽  
Author(s):  
R. P. Tripathi ◽  
S. S. Misra
Keyword(s):  
Trade Credit ◽  
Optimal Order ◽  
Order Quantity ◽  
Inventory Models ◽  
Inventory Policy ◽  
Deterioration Rate ◽  
Optimal Order Quantity ◽  
Optimal Ordering ◽  
Constant Deterioration ◽  
Ordering Quantity

In most of the classical inventory models the demand is considered as constant. In this paper the model has been framed to study the items whose demand and deterioration both are constant. The authors developed a model to determine an optimal order quantity by using calculus technique of maxima and minima. Thus, it helps a retailer to decide its optimal ordering quantity under the constraints of constant deterioration rate and constant pattern of demand.

scholarly journals Design and Analysis of Porous Functionally Graded Femoral Prostheses with Improved Stress Shielding

Designs ◽  
2020 ◽  
Vol 4 (2) ◽  
pp. 12 ◽  
Author(s):  
Morassa Jafari Chashmi ◽  
Alireza Fathi ◽  
Masoud Shirzad ◽  
Ramazan-Ali Jafari-Talookolaei ◽  
Mahdi Bodaghi ◽  
...  
Keyword(s):  
Aseptic Loosening ◽  
Hip Replacement ◽  
State Of The Art ◽  
Research Work ◽  
Stress Shielding ◽  
Functionally Graded ◽  
Graded Materials ◽  
Hip Replacements ◽  
3D Finite Element Method ◽  
Better Than

One of the most important problems of total hip replacement is aseptic loosening of the femoral component, which is related to the changes of the stress distribution pattern after implantation of the prosthesis. Stress shielding of the femur is recognized as a primary factor in aseptic loosening of hip replacements. Utilizing different materials is one of the ordinary solutions for that problem, but using functionally graded materials (FGMs) could be better than the conventional solutions. This research work aims at investigating different porous FGM implants and a real femoral bone by a 3D finite element method. The results show that a neutral functionally graded prosthesis cannot extraordinarily make changes in the stress pattern of bone and prosthesis, but an increasing functionally graded prosthesis leads a lower level of stress in the prosthesis, and a decreasing functionally graded prosthesis can properly reduce the stress shielding among these three architectures. Due to the absence of similar results in the specialized literature, this paper is likely to fill a gap in the state-of-the-art bio-implants, and provide pertinent results that are instrumental in the design of porous femoral prostheses under normal walking loading conditions.

Retailer's Optimal Ordering Policy under Conditions of Allowable Shortage and Two-Level Trade Credit Derived without Derivatives

2013 ◽  
Vol 694-697 ◽  
pp. 3428-3433
Author(s):  
Fei Hu
Keyword(s):  
Differential Calculus ◽  
Trade Credit ◽  
Algebraic Method ◽  
Optimal Order ◽  
Order Quantity ◽  
Numerical Examples ◽  
Ordering Policy ◽  
Optimal Order Quantity ◽  
Optimal Ordering Policy ◽  
Optimal Ordering

An inventory model was developed to determine an ordering policy for the retailer under conditions of allowable shortage and two levels of delay permitted. We present a simple algebraic method to replace the use of differential calculus for determining the retailer's optimal ordering policy. A theorem is presented to obtain the optimal order quantity, and numerical examples are given to illustrate the results obtained in this paper.

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