Inventory Control : Models and Methods

By: Dieter Bartmann, Lina Martins

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Experts in operations research and developers of software application systems have been treading separate paths for many years. It is urgently necessary to reset this course so that the demanding requirements of variousCIM concepts can be realized. This is specially relevant for computer-based stock management. Both authors, with a number of years of practical experience behind them, have written this book with this objective in mind. The book shows how modern inventory control can be rationally structured with the help of OR. Two aspects are given importance:1) the necessary mathematical derivations are completely explained in detail so that the reader will be able to optimally handle a given situation with the help of the methods learned in this book, and 2) aside from the models, strong emphasis is given on numerical methods. Suitable algorithms are thoroughly explained for the more important cases.

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You Can Find This Book In

Non-Fiction Business & Management Business Mathematics & Systems Operational Research Management & Management Techniques Business Strategy Engineering & Technology Electronics & Communications Engineering Electronics Engineering Automatic Control Engineering Robotics Organisational Theory & Behaviour

Technology in General Engineering in General

Foreword
Overview
Deterministic Inventory Models
Introduction	p. 1
Economic Order Quantity (EOQ)	p. 2
Costs and Sensitivity	p. 8
RM-Systems (ABC Analysis)	p. 12
Product-Mix Decision	p. 13
Estimating the Rate of Demand	p. 14
Profit Maximization	p. 18
Inventory Evaluation	p. 19
Quantity Discount	p. 22
Collective or Single Order?	p. 25
Optimal Stocking in Serial Production	p. 28
Stock-outs Allowed	p. 30
Discrete Lot Sizes	p. 33
Consideration of Shelf Space in Inventory	p. 35
Budget Restriction	p. 38
Known but Varying Demand	p. 42
Fixed Delivery Period [gamma]	p. 46
Safety Stock with Stochastic Delivery Time (including Just-in-Time Production)	p. 47
The Wilson Model With Poisson Demand
Poisson Process	p. 56
General Remarks on Chance	p. 66
Interest, Continuous Interest, Present Value	p. 69
Inventory with Poisson Demand and Immediate Delivery	p. 72
Poisson Demand, No Discounting	p. 79
Recurrent Process	p. 83
Proof of Optimality	p. 88
Stochastic Single Period Models
The Newsboy Problem	p. 91
Evaluation of P(x) = [actual symbol not reproducible]	p. 95
Temporal Structure of the Newsboy Problem	p. 100
Exact Formulation	p. 104
Overbooking	p. 111
Stochastic Models With Continuous Review
Method of State Probabilities	p. 114
Poisson Demand, Exponential Delivery Time	p. 119
Poisson Demand, Fixed Delivery Time [gamma]	p. 128
Poisson Demand, Stochastic Delivery Time, Single Order	p. 137
Poisson Demand, Stochastic Delivery Time, Multiple Orders	p. 142
Stochastic Models With Periodic Review
The Arrow-Harris-Marschak Model	p. 147
The AHM-Model in the Stationary Case	p. 151
Standardization	p. 153
Exponentially Distributed Demand	p. 155
Optimality of the (s,S)-Policy	p. 161
Elimination of Proportional Ordering Costs with Finite Planning Horizon	p. 170
Bounds for (s[subscript n],S[subscript n])	p. 174
Optimality of the (s,S)-Policy in the Stationary Model	p. 186
A Method for Computing s and S	p. 188
AHM-Model with Delivery Time	p. 200
Autocorrelated Demand	p. 208
Inventory with Forecasting	p. 211
Numerical Methods
Value Iteration	p. 218
Policy Iteration	p. 230
Bisection Method and Dynamic Programming	p. 236
Computation of Optimal (s,S)-Policies according to Federgruen and Zipkin	p. 241
Closing Remarks	p. 245
Literature	p. 246
Table of Contents provided by Blackwell. All Rights Reserved.

Inventory Control : Models and Methods

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