Optimal Inventory Policies when Ordering Prices are Random

Optimal Inventory Policies when Ordering Prices are Random

We consider a single-item inventory model with deterministic demands. At the beginning of each period, a random ordering price is received according to a known distribution function. A decision must be made as to how much (if any) of the item to order in each period so as to minimize total expected...

Ausführliche Beschreibung

Bibliographische Detailangaben
Veröffentlicht in:Operations Research. - Institute for Operations Research and the Management Sciences, 1956. - 33(1985), 3, Seite 575-588
1. Verfasser: Golabi, Kamal (VerfasserIn)
Format: Online-Aufsatz
Sprache:English
Veröffentlicht: 1985
Zugriff auf das übergeordnete Werk:Operations Research
Schlagworte:Inventory theory Business Mathematics Behavioral sciences Economics
LEADER 01000caa a22002652 4500
001 JST063689405
003 DE-627
005 20240622102436.0
007 cr uuu---uuuuu
008 150325s1985 xx |||||o 00| ||eng c
035 |a (DE-627)JST063689405 
035 |a (JST)170559 
040 |a DE-627  |b ger  |c DE-627  |e rakwb 
041 |a eng 
084 |a 331 inventory policies when ordering prices are random  |2 MSC 
084 |a 348 deterministic demands and random ordering price  |2 MSC 
100 1 |a Golabi, Kamal  |e verfasserin  |4 aut 
245 1 0 |a Optimal Inventory Policies when Ordering Prices are Random 
264 1 |c 1985 
336 |a Text  |b txt  |2 rdacontent 
337 |a Computermedien  |b c  |2 rdamedia 
338 |a Online-Ressource  |b cr  |2 rdacarrier 
520 |a We consider a single-item inventory model with deterministic demands. At the beginning of each period, a random ordering price is received according to a known distribution function. A decision must be made as to how much (if any) of the item to order in each period so as to minimize total expected costs while satisfying all demands. We show that, in each period, a sequence of critical price levels determines the optimal ordering strategy, so that it is optimal to satisfy the demands of the next n periods if and only if the random price falls between the nth and the n + 1st levels. We derive recursive expressions that describe the critical price numbers, and demonstrate the relationship of these expressions to minimal expected cost. We study finite horizon as well as infinite horizon models and show that the critical number strategy is also average-cost optimal. 
540 |a Copyright 1985 The Operations Research Society of America 
650 4 |a Inventory theory 
650 4 |a Business  |x Accountancy  |x Financial accounting  |x Assets  |x Current assets  |x Inventories 
650 4 |a Mathematics  |x Pure mathematics  |x Discrete mathematics  |x Number theory  |x Numbers  |x Real numbers  |x Rational numbers  |x Integers 
650 4 |a Mathematics  |x Applied mathematics  |x Game theory  |x Strategic behavior  |x Optimal strategies 
650 4 |a Business  |x Accountancy  |x Financial accounting  |x Business expenses  |x Variable costs  |x Carrying costs 
650 4 |a Business  |x Business administration  |x Corporate governance  |x Corporate policies  |x Cost control  |x Minimization of cost 
650 4 |a Mathematics  |x Mathematical values  |x Critical values  |x Critical numbers 
650 4 |a Behavioral sciences  |x Psychology  |x Cognitive psychology  |x Cognitive processes  |x Decision making  |x Optimal policy 
650 4 |a Mathematics  |x Applied mathematics  |x Statistics  |x Applied statistics  |x Descriptive statistics  |x Statistical distributions  |x Distribution functions 
650 4 |a Economics  |x Microeconomics  |x Economic costs and benefits  |x Economic costs  |x Total costs 
650 4 |a Economics  |x Economic disciplines  |x Applied economics  |x Economic modeling  |x Economic models 
655 4 |a research-article 
773 0 8 |i Enthalten in  |t Operations Research  |d Institute for Operations Research and the Management Sciences, 1956  |g 33(1985), 3, Seite 575-588  |w (DE-627)320595005  |w (DE-600)2019440-7  |x 15265463  |7 nnns 
773 1 8 |g volume:33  |g year:1985  |g number:3  |g pages:575-588 
856 4 0 |u https://www.jstor.org/stable/170559  |3 Volltext 
912 |a GBV_USEFLAG_A 
912 |a SYSFLAG_A 
912 |a GBV_JST 
912 |a GBV_ILN_11 
912 |a GBV_ILN_20 
912 |a GBV_ILN_22 
912 |a GBV_ILN_23 
912 |a GBV_ILN_24 
912 |a GBV_ILN_31 
912 |a GBV_ILN_32 
912 |a GBV_ILN_39 
912 |a GBV_ILN_40 
912 |a GBV_ILN_60 
912 |a GBV_ILN_62 
912 |a GBV_ILN_63 
912 |a GBV_ILN_65 
912 |a GBV_ILN_69 
912 |a GBV_ILN_70 
912 |a GBV_ILN_90 
912 |a GBV_ILN_95 
912 |a GBV_ILN_100 
912 |a GBV_ILN_101 
912 |a GBV_ILN_110 
912 |a GBV_ILN_120 
912 |a GBV_ILN_152 
912 |a GBV_ILN_187 
912 |a GBV_ILN_224 
912 |a GBV_ILN_285 
912 |a GBV_ILN_374 
912 |a GBV_ILN_702 
912 |a GBV_ILN_2001 
912 |a GBV_ILN_2003 
912 |a GBV_ILN_2005 
912 |a GBV_ILN_2006 
912 |a GBV_ILN_2007 
912 |a GBV_ILN_2008 
912 |a GBV_ILN_2009 
912 |a GBV_ILN_2010 
912 |a GBV_ILN_2011 
912 |a GBV_ILN_2014 
912 |a GBV_ILN_2015 
912 |a GBV_ILN_2018 
912 |a GBV_ILN_2020 
912 |a GBV_ILN_2021 
912 |a GBV_ILN_2026 
912 |a GBV_ILN_2027 
912 |a GBV_ILN_2034 
912 |a GBV_ILN_2044 
912 |a GBV_ILN_2048 
912 |a GBV_ILN_2050 
912 |a GBV_ILN_2055 
912 |a GBV_ILN_2056 
912 |a GBV_ILN_2057 
912 |a GBV_ILN_2059 
912 |a GBV_ILN_2061 
912 |a GBV_ILN_2065 
912 |a GBV_ILN_2068 
912 |a GBV_ILN_2106 
912 |a GBV_ILN_2107 
912 |a GBV_ILN_2108 
912 |a GBV_ILN_2111 
912 |a GBV_ILN_2112 
912 |a GBV_ILN_2113 
912 |a GBV_ILN_2118 
912 |a GBV_ILN_2122 
912 |a GBV_ILN_2129 
912 |a GBV_ILN_2143 
912 |a GBV_ILN_2147 
912 |a GBV_ILN_2148 
912 |a GBV_ILN_2152 
912 |a GBV_ILN_2153 
912 |a GBV_ILN_2190 
912 |a GBV_ILN_2232 
912 |a GBV_ILN_2472 
912 |a GBV_ILN_2935 
912 |a GBV_ILN_2940 
912 |a GBV_ILN_2949 
912 |a GBV_ILN_2950 
912 |a GBV_ILN_4012 
912 |a GBV_ILN_4035 
912 |a GBV_ILN_4037 
912 |a GBV_ILN_4046 
912 |a GBV_ILN_4112 
912 |a GBV_ILN_4125 
912 |a GBV_ILN_4126 
912 |a GBV_ILN_4242 
912 |a GBV_ILN_4246 
912 |a GBV_ILN_4249 
912 |a GBV_ILN_4251 
912 |a GBV_ILN_4305 
912 |a GBV_ILN_4306 
912 |a GBV_ILN_4307 
912 |a GBV_ILN_4313 
912 |a GBV_ILN_4322 
912 |a GBV_ILN_4323 
912 |a GBV_ILN_4324 
912 |a GBV_ILN_4325 
912 |a GBV_ILN_4326 
912 |a GBV_ILN_4335 
912 |a GBV_ILN_4338 
912 |a GBV_ILN_4346 
912 |a GBV_ILN_4393 
912 |a GBV_ILN_4700 
951 |a AR 
952 |d 33  |j 1985  |e 3  |h 575-588