Single period stochastic inventory problems with ordering or returns policies

doi:10.1016/j.cie.2011.01.004

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	Single period stochastic inventory problems with ordering or returns policies
	Yao, Zhong 1; Liu, Ke2 ; Leung, Stephen C. H.3; Lai, K. K.3
	2011-09-01
发表期刊	COMPUTERS & INDUSTRIAL ENGINEERING
ISSN	0360-8352
卷号	61 期号:2 页码:242-253
摘要	In recent years, there has been an increasing adoption of returns policies in the coordination of the supply chain, where market demand is always assumed to be satisfied by manufacturing or by ordering from suppliers. However, many industries face the important decision of how to balance their inventory level. This problem has long been studied in financial institutions such as banks. This study presents an optimal inventory policy under a given stochastic demand such as a uniformly distributed demand, single-item, and single period review inventory system. The optimal inventory control policy obtained in this study is called a four-point policy: that is, when the entity's inventory level is below a reorder point, the entity must increase his stock level by ordering and order up-to a fixed level (second point); when the entity's inventory level is over a return point (third point); the stock level must be decreased by returns and decreased to a fixed level (fourth point); otherwise, nothing should be done. We also analyze the (K, S)-convex properties of the inventory cost function. (C) 2011 Elsevier Ltd. All rights reserved.
关键词	Operational management Newsboy problem Inventory control Numerical analysis
DOI	10.1016/j.cie.2011.01.004
语种	英语
资助项目	National Natural Science Foundation of China[70672020] ; National Natural Science Foundation of China[71071006] ; National Natural Science Foundation of China[70521001] ; City University of Hong Kong[7008024]
WOS研究方向	Computer Science ; Engineering
WOS类目	Computer Science, Interdisciplinary Applications ; Engineering, Industrial
WOS记录号	WOS:000295758700002
出版者	PERGAMON-ELSEVIER SCIENCE LTD
引用统计
文献类型	期刊论文
条目标识符	http://ir.amss.ac.cn/handle/2S8OKBNM/12212
专题	应用数学研究所
通讯作者	Yao, Zhong
作者单位	1.BeiHang Univ, Sch Econ & Management, Beijing 100191, Peoples R China 2.Chinese Acad Sci, AMSS, Inst Appl Math, Beijing 100080, Peoples R China 3.City Univ Hong Kong, Dept Management Sci, Hong Kong, Hong Kong, Peoples R China
推荐引用方式 GB/T 7714	Yao, Zhong,Liu, Ke,Leung, Stephen C. H.,et al. Single period stochastic inventory problems with ordering or returns policies[J]. COMPUTERS & INDUSTRIAL ENGINEERING,2011,61(2):242-253.
APA	Yao, Zhong,Liu, Ke,Leung, Stephen C. H.,&Lai, K. K..(2011).Single period stochastic inventory problems with ordering or returns policies.COMPUTERS & INDUSTRIAL ENGINEERING,61(2),242-253.
MLA	Yao, Zhong,et al."Single period stochastic inventory problems with ordering or returns policies".COMPUTERS & INDUSTRIAL ENGINEERING 61.2(2011):242-253.