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- Publisher Website: 10.1002/nav.10109
- Scopus: eid_2-s2.0-1142293234
- WOS: WOS:000189081400007
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Article: Economic ordering decisions with market choice flexibility
Title | Economic ordering decisions with market choice flexibility |
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Authors | |
Keywords | Inventory/production Knapsack problem Production planning |
Issue Date | 2004 |
Citation | Naval Research Logistics, 2004, v. 51, n. 1, p. 117-136 How to Cite? |
Abstract | Standard approaches to classical inventory control problems treat satisfying a predefined demand level as a constraint. In many practical contexts, however, total demand is comprised of separate demands from different markets or customers. It is not always clear that constraining a producer to satisfy all markets is an optimal approach. Since the inventory-related cost of an item depends on total demand volume, no clear method exists for determining a market's profitability a priori, based simply on per unit revenue and cost. Moreover, capacity constraints often limit a producer's ability to meet all demands. This paper presents models to address economic ordering decisions when a producer can choose whether to satisfy multiple markets. These models result in a set of nonlinear binary integer programming problems that, in the uncapacitated case, lend themselves to efficient solution due to their special structure. The capacitated versions can be cast as nonlinear knapsack problems, for which we propose a heuristic solution approach that is asymptotically optimal in the number of markets. The models generalize the classical EOQ and EPQ problems and lead to interesting optimization problems with intuitively appealing solution properties and interesting implications for inventory and pricing management. © 2003 Wiley Periodicals, Inc. |
Persistent Identifier | http://hdl.handle.net/10722/296023 |
ISSN | 2023 Impact Factor: 1.9 2023 SCImago Journal Rankings: 1.260 |
ISI Accession Number ID |
DC Field | Value | Language |
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dc.contributor.author | Geunes, Joseph | - |
dc.contributor.author | Shen, Zuo Jun | - |
dc.contributor.author | Romeijn, H. Edwin | - |
dc.date.accessioned | 2021-02-11T04:52:40Z | - |
dc.date.available | 2021-02-11T04:52:40Z | - |
dc.date.issued | 2004 | - |
dc.identifier.citation | Naval Research Logistics, 2004, v. 51, n. 1, p. 117-136 | - |
dc.identifier.issn | 0894-069X | - |
dc.identifier.uri | http://hdl.handle.net/10722/296023 | - |
dc.description.abstract | Standard approaches to classical inventory control problems treat satisfying a predefined demand level as a constraint. In many practical contexts, however, total demand is comprised of separate demands from different markets or customers. It is not always clear that constraining a producer to satisfy all markets is an optimal approach. Since the inventory-related cost of an item depends on total demand volume, no clear method exists for determining a market's profitability a priori, based simply on per unit revenue and cost. Moreover, capacity constraints often limit a producer's ability to meet all demands. This paper presents models to address economic ordering decisions when a producer can choose whether to satisfy multiple markets. These models result in a set of nonlinear binary integer programming problems that, in the uncapacitated case, lend themselves to efficient solution due to their special structure. The capacitated versions can be cast as nonlinear knapsack problems, for which we propose a heuristic solution approach that is asymptotically optimal in the number of markets. The models generalize the classical EOQ and EPQ problems and lead to interesting optimization problems with intuitively appealing solution properties and interesting implications for inventory and pricing management. © 2003 Wiley Periodicals, Inc. | - |
dc.language | eng | - |
dc.relation.ispartof | Naval Research Logistics | - |
dc.subject | Inventory/production | - |
dc.subject | Knapsack problem | - |
dc.subject | Production planning | - |
dc.title | Economic ordering decisions with market choice flexibility | - |
dc.type | Article | - |
dc.description.nature | link_to_subscribed_fulltext | - |
dc.identifier.doi | 10.1002/nav.10109 | - |
dc.identifier.scopus | eid_2-s2.0-1142293234 | - |
dc.identifier.volume | 51 | - |
dc.identifier.issue | 1 | - |
dc.identifier.spage | 117 | - |
dc.identifier.epage | 136 | - |
dc.identifier.isi | WOS:000189081400007 | - |
dc.identifier.issnl | 0894-069X | - |