A clustering analysis of forecasting methods in a multi-objective inventory system

Article Abstract:

Forecasting methods were studied to present a descriptive model interrelating the fundamental issues relevant to inventory management. These issues are estimating cost, length of lead time, demand estimation and performance measurements of inventory systems. The assumptions which define the descriptive model are a single item, uncertain demand, deterministic review order point and discrete lead time. Results show that the naive forecasting method is unique from the other 15 forecasting methods studied. It is also indicated that the suitability of a forecasting method is subject to the characteristics of a time series.

Models, Forecasting, Inventory control

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A two-item newsboy problem with substitutability

Article Abstract:

A two-item newsboy problem with substitutability was formulated to address the substitution of a certain amount of an item for another by customers facing a shortage. The upper and lower limits of the items' optimal order quantities were derived, and a Monte Carlo simulation was used to optimally solve the problem. The order quantities yielded by the simulation were shown to provide a bigger expected profit than when substitutability is neglected.

Usage, Monte Carlo method, Monte Carlo methods, Inventories

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The scheduling of economic lot sizes on volume flexible production systems

Article Abstract:

An algorithm for the economic lot scheduling problem with production rates managed as decision variables is presented. This is of significance as additional volume-flexible production systems are initiated to the marketplace. The outcomes from the altered prototype indicate that at great demand utilization, volume flexibility is relatively essential as big cost savings can be realized, and the answer to the problem can be found more readily.

Production Planning & Control, Management, Production management, Production control, Economic lot size

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