Fuzzy models for the newsboy problem

Article Abstract:

Two fuzzy models of the stochastic newsboy problem encountered in inventory control were constructed. Both employ fuzzy sets to characterize two uncertain input data that are subjectively estimated, namely, demand and inventory costs. Thus, both simplify the derivation of the optimal order quantity that minimizes the expected total cost for a fixed period of time. The impact of modifying the membership functions that model imprecise unit shortage cost was also analyzed.

Usage, Set theory, Fuzzy sets

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Batching policies for a product life cycle

Article Abstract:

An optimal inventory policy for the life cycle of an item with a time-varying, continuous, deterministic demand function was developed. To this end, the demand distribution was broken up into segments represented by a cubic polynomial. This reduced the time to derive the economic order quantity and the stock replenishment schedule for minimizing the overall discounted cost of batch set up and stockholding.

Research, Product life cycle, Economic lot size

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On the suboptimality of (S-1,S) lost sales inventory policies

Article Abstract:

A study was conducted to analyze replenishment policies for the continuous review inventory framework supporting Poisson demand, a fixed lead time on replenishment and lost sales during stockouts. The standard policy was designed to support a maximum stock level and place a replenishment order whenever a demand is addressed. Results indicated other replenishment policies supporting lower-cost solutions.

Analysis, Management, Inventories

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