Analysis of the deterministic (s, S) inventory problem

Article Abstract:

The classical and the direct approaches for selecting inventory control parameters are compared. The classical, also called traditional or textbook, approach for choosing an (s,S) inventory policy involves developing a distribution model summarizing a given data set, aligning the model to the data, and choosing from a given set of policies one policy that can lessen projected expenses in relation to the proposed distrubution model. The direct approach involves choosing from a given set of policies one that reduces expenses as they relate to the given data set. Apart from the comparison between the two approaches, a polynomial time algorithm for the resolution of the deterministic (s,S) inventory problem is also offered.

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The role of inventory in delivery-time competition

Article Abstract:

A model that illustrates the role of inventory in delivery-time competition is presented. Decision making functions relating to policies of production and inventory are influenced by three factors: customer behavior, competition and discounting. Optimal production/inventory policies are examined in the context of different market environments, namely the oligopoly, monopoly annd demand sharing markets. The change of markets from the oligopolic to the demand-sharing type results in a decrease of make-to-stock incentives. The relative time valuations of buyers and producers exert a strong influence on the framework for welfare transfer. Doubling orders enhances buyers' surplus and reduces producers' surplus.

Management, Delivery of goods, Deliveries (Transportation)

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