An optimal stopping approach for the end-of-life inventory problem

Frenk, J. B. G.; Javadi, Sonya; Sezer, Semih

doi:10.1007/s00186-019-00680-y

Cited by 4 publications

(2 citation statements)

References 18 publications

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“…Frenk et al (2019a) assume that the manufacturer makes a static decision (at time zero) on the final order quantity and on the time to stop holding inventory (called switching time). Frenk et al (2019b) extends the model in Frenk et al (2019a) with more general parameters and describe the decision to stop holding inventory by a stopping time, solving an optimal stopping problem by means of a dynamic programming algorithm. Shi and Liu (2020) consider a design refresh program that substitutes an obsolete part with an alternative part, while modeling this problem as a two-stage stochastic dynamic program.…”

Section: Motivation and Literature Reviewmentioning

confidence: 99%

End-of-life inventory management problem: Results and insights

Ozyoruk

Erkip

Ararat

2022

International Journal of Production Economics

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Section: Motivation and Literature Reviewmentioning

confidence: 99%

End-of-life inventory management problem: Results and insights

Ozyoruk

Erkip

Ararat

2022

International Journal of Production Economics

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“…The second research gap is how to manage the spare parts inventory of consumer durable goods under warranty contracts. There are several existing studies focusing on this topic, such as [11,13,24,49,50]. However, these studies have various settings, focusing on different phases in the product life-cycle and considering different types of spare parts (repairables or non-repairables), while only considering basic warranties.…”

Section: Research Gaps Regarding Consumer Durable Goodsmentioning

confidence: 99%

Spare Parts Inventory Management: A Literature Review

2021

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Spare parts are held as inventory to support product maintenance in order to reduce downtime and extend the lifetime of products. Recently, spare parts inventory management has been attracting more attention due to the “right-to-repair” movement which requires that manufacturers provide sufficient spare parts throughout the life-cyle of their products to reduce waste so as to achieve sustainability. In this review, 148 papers regarding spare parts inventory management published from 2010 to 2020 are examined. The studies are classified based on two groups of perspectives. The first group includes the characteristics of spare parts, products, inventory systems, and supply chains, while the second group focuses on the characteristics of research methodologies and topics in the reviewed studies. The novelty of this literature review is three-fold. Firstly, we focus on analyzing the supply chain structure of different inventory networks for managing spare parts. Secondly, we classify the current literature based on analytics techniques, i.e., descriptive analytics, predictive analytics, and prescriptive analytics. Finally, the research gaps in this field are discussed from the perspective of reverse logistics, consumer durable goods, inventory network structure and policy, spare parts demand pattern modeling, and big data analytics.

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An intuitive approach to inventory control with optimal stopping

Foreest

Kilic

2023

European Journal of Operational Research

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An optimal stopping approach for the end-of-life inventory problem

Cited by 4 publications

References 18 publications

End-of-life inventory management problem: Results and insights

End-of-life inventory management problem: Results and insights

Spare Parts Inventory Management: A Literature Review

An intuitive approach to inventory control with optimal stopping

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