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Almost all multi-echelon inventory models assume that demands which are not satisfied immediately can be backordered. In some situations, this assumption may not be realistic. For example, we can model stockouts as lost sales when the retailers are in a competitive market and customers can easily turn to another retailer for purchasing goods. So, in this study, assuming lost sales at the retailers, we consider a one-warehouse, several retailers, two-item inventory system where the items can be interchangeably used. Using the well-known METRIC-approximation as a framework, we present a heuristic for finding cost effective base-stock policies. In a numerical study with simulation, we find that... 

The miltifractal properties and scaling behaviour of the exchange rate variations of the Iranian rial against the US dollar from a daily perspective is numerically investigated. For this purpose the multifractal detrended fluctuation analysis (MF-DFA) is used. Through multifractal analysis, the scaling exponents, generalized Hurst exponents, generalized fractal dimensions and singularity spectrum are derived. Moreover, contribution of two major sources of multifractality, that is, fat-tailed probability distributions and nonlinear temporal correlations are studied. © 2005 Elsevier B.V. All rights reserved  

Multi-periodic inventory control problems are mainly studied by employing one of two assumptions. First, the continuous review, where depending on the inventory level, orders can happen at any time, and next the periodic review, where orders can only be placed at the beginning of each period. In this paper, we relax these assumptions and assume the times between two replenishments are independent random variables. For the problem at hand, the decision variables (the maximum inventory of several products) are of integer-type and there is a single space-constraint. While demands are treated as fuzzy numbers, a combination of back-order and lost-sales is considered for the shortages. We... 

In this paper, a design of the supply chain distributer-retailer network for a seasonal multiple-product location allocation-inventory control problem in a planning horizon consisting of multiple periods is modeled. The distance between the distributers and retailers are assumed to be Euclidean and square Euclidean while retailers purchase the products from the distributers under all-unit and incremental quantity discount policies. Furthermore, the products are delivered in packets of known size of items and in case of shortage, a fraction of demand is considered backorder and a fraction lost sale. Besides, the distributers store the manufactured products in their warehouses before... 

A multi-item multiperiod inventory control model is developed for known-deterministic variable demands under limited available budget. Assuming the order quantity is more than the shortage quantity in each period, the shortage in combination of backorder and lost sale is considered. The orders are placed in batch sizes and the decision variables are assumed integer. Moreover, all unit discounts for a number of products and incremental quantity discount for some other items are considered. While the objectives are to minimize both the total inventory cost and the required storage space, the model is formulated into a fuzzy multicriteria decision making (FMCDM) framework and is shown to be a... 

Although managing and controlling the inventories of perishable products is progressively becoming more important, they are often neglected in lot-sizing research and modeling. This paper studies a new multi-product multi-period dynamic lot sizing problem, where the inventories of products are assumed to be expired at a pre-specified date. For this purpose we assume a retailer that purchases products in large quantities (lot size) from manufacturers, and then sells smaller quantities (or single units) to the consumer. So, the order quantities can be merely an integer multiplier of that product batch size. The retailer also owns a capacitated warehouse. In order to make decisions on "how much... 

In this work, we consider a three-echelon serial inventory system with two warehouses (suppliers) and one retailer with information exchange. The retailer applies continuous review (R, Q) policy. The warehouses have online information on the inventory position and demand activities of the retailer. We present a new ordering policy to share information among inventory echelons. The warehouse I and II start with m 1 and m 2 initial batches of the same order size of the retailer, respectively. The warehouse I places an order to an outside source immediately after the retailer's inventory position reaches an amount equal to the retailer's order point plus a fixed value s 1, and the warehouse II... 

This article deals with a single perishable item, continuous-review, two-echelon serial inventory system consisting of a warehouse and a retailer. Customer demands at the retailer are assumed to be Poisson. All items have a fixed shelf life and start aging on their arrival at the retailer. The demand that cannot be met immediately at the retailer is lost. All transportation times are fixed. If there is any stock in the warehouse, the lead time for the retailer would be the transportation time from the warehouse. Otherwise, the retailer orders are met with a delay. In this article, using an approximate technique, we first present a heuristic for finding cost-effective base stock policy and... 

The purpose of this paper is to adopt and analyze a new ordering policycalled one-for-one-period policy in a multi-echelon supply chain consisting ofone retailer and a series of TV suppliers. The main advantage of adopting theone-for-one-period (7,7) ordering policy for retailers is the elimination ofuncertainty for supplier which leads to total elimination of the safety stocksat all suppliers. This in turn leads to the reduction of the total system costsand in case any supplier's ordering cost is negligible it can even eliminate theneed for him to carry any inventory. In addition to this advantage, thenumerical results show that the application of this new policy for the retailerleads to... 

In this paper we intend to obtain the economic batch quantity (EBQ) for an imperfect production system in which defective items are produced in each cycle of production. In the litrature of inventory control when the rework is done on defective items it is assumed that the production rate of the rework process is constant and the setup time for rework is ignored. Here we assume that due to the nature of the rework process its production rate is different from the normal production rate and is stochastic. We also assume that after each production run the rework process starts immediately after a non-zero setup time for the rework. Further we assume that the inspection costs during the normal... 

In this paper we consider a single stage production system in which defective items are produced in each cycle of production. In the litrature of inventory control when the rework is done on defective items it is assumed that the storage space is unlimited and the setup time for rework is ignored. Here we assume that the storage space is limited and due to the nature of the rework process its production rate is different from the normal production rate. We also assume that after each production run the rework process starts immediately after a non-zero setup time for the rework. Further we assume that the unit operation processing cost during the normal production and rework proccessing... 

We consider a single item, two-level inventory system which consisting of two suppliers and one retailer. Transportation times are constant. The retailer faces Poisson demands and applies continuous (R,Q) policy. Each supplier starts with m initial batches of size Q/2 and places an order in a batch of size Q/2 to an outside source immediately after the retailer's inventory position reaches R+s. In this paper using the idea of the one-for-one ordering policy, we derive the exact value of the expected total cost in the convergent coordinated supply chain. © 2008 IEEE