Bounds for the solution to the single-period inventory model with compound renewal process input: An application to setting credit card limits

Budd, Jonathan K.; Taylor, Peter G.

doi:10.1016/j.ejor.2018.11.022

Cited by 4 publications

(2 citation statements)

References 15 publications

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“…Conventional models for inventory management with uncertain demand, such as variations of Harris formulation [11][12][13], Markov equation-based ones [14,15], and Wilson's formulation [16][17][18][19] are designed to minimize the expected costs of replenishment and stock-outs. They assume that complete satisfaction of uncertain and hardly predictable demand is too expensive or even deemed impossible.…”

Section: Introductionmentioning

confidence: 99%

A New Model for Determining the EOQ under Changing Price Parameters and Reordering Time

et al. 2020

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The present study deals with the modification of Wilson’s formulation by taking into account changes in the supply chain represented by the parameters of the model, namely varying delivery costs and price of goods stored. The four different models are presented. The proposed models avoid the main drawbacks of Wilson’s formulation—the constant price and reordering time—and discuss the case where varying parameters are used alongside discounting. The proposed models render lower costs under particular settings.

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Section: Introductionmentioning

confidence: 99%

A New Model for Determining the EOQ under Changing Price Parameters and Reordering Time

et al. 2020

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“…The conventional models for inventory management with uncertain demand, such as variations of Harris (1913) formulation (Cárdenas-Barrón, Chung, & Treviño-Garza, 2014;Nobil & Taleizadeh, 2016;Budd & Taylor, 2019), Markov equation based ones (Boute, Disney, Lambrecht, & Van Houdt, 2007;Broyles, Cochran, & Montgomery, 2010;Liu, Feng, & Wong, 2014), Wilson's formulation (Wilson, 1934;Schwartz, Wang, & Rivera, 2006;Sarkar, 2013;Manna, Dey, & Mondal, 2017) are designed to minimize the expected costs of replenishment and stockouts, assuming, that complete satisfaction of uncertain and hardly predictable demand is too expensive or even deemed impossible. All these models are design under the constant order quantity principle, where the size of following order is based on the objective to minimize the whole costs of company's inventory management.…”

Section: Introductionmentioning

confidence: 99%

Eoq for Perishable Goods: Modification of Wilson’s Model for Food Retailers

Zeng

Nestorenko

et al. 2019

Technological and Economic Development of Economy

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A timely response to a fluctuating and ever-changing consumer demand is an important decision for a company, as it may impact its position in the market. Thus, proper inventory management becomes a focal point in retail business process management and can provide a substantial competitive advantage. In this paper, we introduce a modified version of Wilson’s model, which takes into account trends in consumer demand and offer flexibility in reordering time. The illustration of the proposed model is presented, showing the significant economic benefit under particular conditions.

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Optimal ordering quantity under stochastic time-dependent price and demand with a supply disruption: A solution based on the change of measure technique

Babaï

Ivanov

Kwon

2023

Omega

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Bounds for the solution to the single-period inventory model with compound renewal process input: An application to setting credit card limits

Cited by 4 publications

References 15 publications

A New Model for Determining the EOQ under Changing Price Parameters and Reordering Time

A New Model for Determining the EOQ under Changing Price Parameters and Reordering Time

Eoq for Perishable Goods: Modification of Wilson’s Model for Food Retailers

Optimal ordering quantity under stochastic time-dependent price and demand with a supply disruption: A solution based on the change of measure technique

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