scholarly journals Stochastic Inventory System With Different Rates of Production

2020 ◽  
Vol 11 (2) ◽  
pp. 36-52
Author(s):  
Mohammad Ataullah ◽  
Mohammad Ekramol Islam ◽  
Md. Sharif Uddin
Keyword(s):  
Production Rate ◽  
Poisson Distribution ◽  
Generation Time ◽  
Switching Time ◽  
Inventory Model ◽  
Inventory System ◽  
Exponential Parameter ◽  
Exchange Time ◽  
Stochastic Inventory ◽  
Stochastic Inventory Model

This article analyzes a solitary item stochastic inventory model with two distinctive generation rates where a request pursues Poisson distribution and an item has a limited lifetime which is level dependent. It is expected that the framework be on a foreordained level and the framework is changed over to ON mode from OFF mode with a noteworthy exchanging time with exponential parameter α. During the switching time, no interest will be served, the interest during the exchange time is lost. Here, excesses are permitted and during accumulations, the production rate is higher than that of ordinary generation time. Some framework attributes are shown with time variety.

scholarly journals Baye‟s estimation of stochastic inventory model for deteriorating items with trade credit

2017 ◽  
Vol 7 (1) ◽  
pp. 59-69
Author(s):  
INDHUMATHY N S ◽  
JAYASHREE P R
Keyword(s):  
Exponential Distribution ◽  
Trade Credit ◽  
Random Variable ◽  
Inventory Model ◽  
Deteriorating Items ◽  
Exponential Parameter ◽  
Squared Error Loss Function ◽  
Stochastic Inventory ◽  
Stochastic Inventory Model ◽  
Delay In Payments

In this paper, a continuous time stochastic inventory model for deteriorating items with permissible delay in payments is considered. The demand is assumed to be a random variable with exponential distribution of time. In any classical inventory model, it was assumed that the purchaser must pay for the items received immediately. However, in practices, the supplier usually is willing to provide the purchaser a permissible delay of payments if the purchaser orders a large quantity. Hence, the focus is to find the optimal cycle time by maximising the profit function when a supplier provides a permissible delay of payments fora large order. However, the model contains the exponential parameter which is unknown and is estimated through MLE and Baye‘s under a squared error loss function. The conjugate Gamma prior is used as the prior distribution of exponential distribution. Finally, a numerical MCMC simulation is used to compare the estimators obtained with Expected risk and are shown graphically.

scholarly journals A stochastic inventory model with perishable and aging items

1999 ◽  
Vol 12 (1) ◽  
pp. 23-29 ◽  
Author(s):  
Lakhdar Aggoun ◽  
Lakdere Benkherouf ◽  
Lotfi Tadj
Keyword(s):  
Inventory Model ◽  
Inventory Level ◽  
Change Of Measure ◽  
Single Product ◽  
Perishable Items ◽  
Stochastic Inventory ◽  
Maximum Lifetime ◽  
Stochastic Inventory Model ◽  
History Of ◽  
Special Case

In this paper, we propose a single-product, discrete time inventory model for perishable items. Inventory levels are reviewed periodically and units in stock have a maximum lifetime of M periods. It is assumed that the dynamics of the inventory level is driven by a parameter process (reflecting perishability) and demands. By observing the history of the inventory level we obtain the conditional distribution of the perishability parameter by using the change of measure techniques. A special case is also presented.

A Simulation-Based Optimization Approach to a Lost Sale Stochastic Inventory Model

2012 ◽  
Vol 3 (2) ◽  
pp. 46-63 ◽  
Author(s):  
Rafael Diaz ◽  
Barry Charles Ezell
Keyword(s):  
Simulated Annealing ◽  
Inventory Model ◽  
Pattern Search ◽  
Ranking And Selection ◽  
Optimization Approach ◽  
Stochastic Inventory ◽  
Stochastic Inventory Model ◽  
Simulation Based ◽  
Simulation Based Optimization ◽  
Correlated Components

This paper describes a stochastic inventory model where the control review system is periodic; demand contains auto-correlated components; and categorized as a lost sale case. The authors propose a simulation-based optimization based on using a combination of simulated annealing, pattern search, and ranking and selection methods to search and approximate solutions to this problem. Simulated annealing is employed to stochastically nominate and pre-select solutions in a decision space. Pattern search is used to systematically define a grid of competitive neighbors around pre-selected solutions. Ranking and selection is used to evaluate the performance of such competing pre-selected alternatives. On one hand, results show that service level in terms of filling rates deteriorate as the autocorrelation grows and is ignored. In contrast, service levels were kept almost invariable to the effects of the serially correlated components for solutions suggested using the proposed algorithm.

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