An inventory model embedded in designing a supply contract

Article Abstract:

Modern supply and transportation contracts usually indicate the frequency of and volume available for future deliveries despite the uncertainty of final demand. The rationale behind such practice is the reduction of lead-time and variability as well as the cost per unit of contracted volume. A study was conducted to examine the joint optimization of contract parameters and inventory control policy in these environments. The optimal periodic review inventory policy that corresponds to a particular supply contract was modelled and derived. The critical levels were computed by modelling consecutive inventory levels as a Markov chain with steady-state distribution that is employed for calculating the holding, shortage and transportation costs. The optimal contract volume was then derived by using the resulting total costs.

Contracts, Transportation, Inventory control, Industrial suppliers

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Reservation planning for elective surgery under uncertain demand for emergency surgery

Article Abstract:

The problem of allocating resources at the general surgery operating rooms of hospitals is considered. The study focuses on the issue of scheduling elective surgery in advance when there is uncertainty regarding the capacity utilization of the operating rooms by emergency surgery as well as scheduled operations. The general operating room typically reserves a given amount of time to emergency operations and uses the rest of the day for elective surgery sessions. The problem facing the 'advance scheduler' is determining how many requests for elective surgery to accept in advance so that the capacity of the emergency room for the day is not exceeded. A stochastic dynamic programming model for this scheduling problem is introduced.

Hospitals, Analysis, Planning, Scheduling (Management), Calendar, Surgery, Elective, Elective surgery, Reservation systems, Operating rooms, Medical appointments and schedules, Medical scheduling, Surgical emergencies

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Optimal value declarations in "buy-sell" situations

Article Abstract:

The discontinuation of a business partnership is usually subject to the application of a Buy-Sell 'Shotgun' clause specified in the partnership agreement. The Buy-Sell clause requires the partner initiating the partnership dissolution to declare a value for the business share held and specifies that the other partner either buy the declarer's share or sell the remaining shares to the declarer using the value declared as a benchmark. The question of how the other partner can evaluate a value declaration is studied using a decision model that analyzes the bidding and valuation process.

Partnership, Partnerships, Letting of contracts, Competitive bidding, Valuation

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