Maximizing profits in an inventory model with both demand rate and holding cost per unit time dependent on the stock level

Pando, Valentín; García-Laguna, Juan; San-José, Luis A.; Sicilia, Joaquı́n

doi:10.1016/j.cie.2011.11.009

Cited by 58 publications

(19 citation statements)

References 17 publications

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“…3. If γ 1 ¼ 1, then the problem is equivalent to the one studied by Pando et al (2012b). Thus, our optimal policy q n is equal to the one shown by them.…”

Section: Particular Modelsmentioning

confidence: 88%

“…Similarly γ 2 represents the relative change in this cost with respect to the relative change in the quantity (that is, γ 2 ¼ ð∂H=∂xÞ=ðH=xÞ). Also, if γ 1 ¼ 1 in formula (2), we obtain the same cumulative holding cost function considered by, among others, Naddor (1982, expensive-storage system), Berman and Perry (2006) and Pando et al (2012b). Similarly, if γ 2 ¼ 1 in (2), we have the cumulative holding cost of the model by Naddor (1982, perishable-goods system), which was later used by Ferguson et al (2007) and Pando et al (2012a).…”

Section: Assumptions and Notationmentioning

confidence: 88%

“…Scarpello and Ritelli (2008) gave some theoretical results for EOQ models when the holding cost grows with the stock level. Recently, Pando et al (2012b) have analyzed one of the models of Goh (1994) from the perspective of maximizing the profit.…”

Section: Introductionmentioning

confidence: 99%

See 2 more Smart Citations

An economic lot-size model with non-linear holding cost hinging on time and quantity

Pando

San-José

García-Laguna

et al. 2013

International Journal of Production Economics

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“…3. If γ 1 ¼ 1, then the problem is equivalent to the one studied by Pando et al (2012b). Thus, our optimal policy q n is equal to the one shown by them.…”

Section: Particular Modelsmentioning

confidence: 88%

Section: Assumptions and Notationmentioning

confidence: 88%

See 1 more Smart Citation

An economic lot-size model with non-linear holding cost hinging on time and quantity

Pando

San-José

García-Laguna

et al. 2013

International Journal of Production Economics

Self Cite

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“…According to Slotnick (2011), in a technical way, the selection of purchases depends on the coordination and capacity with the demand and the trade-off between the incomes and processing costs. Some more recent researches have used demanding taxes as a level function and time of stock cycle, obtaining increase in sales and maximization of medium profit by unit of time (Pando et al 2012). Evidentially, one order is totally served when the quantity of all the required items are available in stock (Simchi-levi et al 2003).…”

Section: Contextualization and Rationalementioning

confidence: 99%

A Genetic Algorithm applied to pick sequencing for billing

2015

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This article addresses the use of Holland's Genetic Algorithms (GAs) (Holland in Adaptation in natural and artificial systems, University of Michigan Press, Ann Arbor, MI, 1975) in solving an optimization problem not exploited yet by literature, which we have named Optimal Billing Sequencing (OBS). The objective of the GA proposed is to automate pick sequencing, which addresses the process of allocating the stock available for sale to the purchase orders in a portfolio, so that the maximization of the billing is the optimal result for the OBS. A modelling and computational simulation methodology has been employed. Such methodology is designed to enable the GA to meet the boundary conditions established by predefined decision restrictions and parameters. We have reached the conclusion, by means of experimental tests, that the GA developed satisfactorily solves the problem studied. In addition to a low computational overhead, the GA reduces operating costs and speeds picking decision-making processes and billing processes.

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“…The inventory replenishment in Yan et al (2009) followed a periodic review policy. In addition, recent literature such as Hsieh and Dye (2010), Lee and Dye (2012), and Pando et al (2012) considered stock-dependent demands in developing an inventory model.…”

Section: Discussion Of Related Literaturementioning

confidence: 99%

Partial Backordering Inventory Model under Purchase Dependence

Park

2015

Industrial Engineering and Management Systems

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Purchase dependence is a frequent phenomenon in retail shops and is characterized by the purchase of certain items together due to their unknown interior associations. Although this concept has been significantly examined in the marketing field (e.g. market basket analysis), it has largely remained unaddressed in operations management. Since purchase dependence is an important factor in designing inventory replenishment policies, this paper demonstrates the means of applying it to the partial backordering inventory model. Through computational analyses, this paper compares the performance of inventory models that either consider or ignore purchase dependence; the results demonstrate that inventory models that ignore purchase dependence incur more average cost per unit time than the model that considers purchase dependence, and the impact of purchase dependence can increase in significance as the item set becomes more closely correlated with regard to order demand.

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Maximizing profits in an inventory model with both demand rate and holding cost per unit time dependent on the stock level

Cited by 58 publications

References 17 publications

An economic lot-size model with non-linear holding cost hinging on time and quantity

An economic lot-size model with non-linear holding cost hinging on time and quantity

A Genetic Algorithm applied to pick sequencing for billing

Partial Backordering Inventory Model under Purchase Dependence

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