Background: The present work is related to a project developed in a company dealing with the security and communication systems, fire alarms, and electronic displays sector, located in the district of Aveiro. This work aims to improve the logistics flow of material reception in the warehouse of...

Inventory affects the production process and supply chain activities. Integrated decision inventory improves performance and optimizes supply chain activities. However, its disadvantage is the Integrated Procurement Production (IPP) inventory model, which manages the raw material inventory in...

Effective management of perishable inventory systems is often strewn with challenges, especially when a strong trade-off relationship exists between shortage and wastage of perishables: A smaller inventory increases the chance to lose sales (leading to higher expected shortage cost), while a...

The process of receiving goods into the warehouse is the first stage of warehouse manage-ment. Correct receipt of fast-moving goods is the key element of the storage process as well as of the entire supply chain, which is why it is so important to avoid any disruptions at this stage. In order to...

We review and interpret recent work on inventories, emphasizing empirical and business cycle aspects. We begin by documenting two empirical regularities about inventories. The first is the well-known one that inventories move procyclically. The second is that inventory movements are quite...

Due to the availability of data-driven customer profiling, many firms (e.g., Amazon) have adopted personalized pricing in practice. We consider a joint dynamic personalized pricing-inventory control problem for a firm that sells a single product to multiple customer segments over a finite...

We consider a retailer that sells a perishable product, making joint pricing and inventory ordering decisions over a finite time horizon of T periods with lost sales. Exploring a real-life data set from a leading supermarket chain, we identify several distinctive challenges faced by such a...

We study inventory control involving lost sales and hence censored demand. In a long-run average framework, the demand distribution is largely unknown. As long as the stationary inventory costs are truly convex to the extent that the second lost item costs strictly more than the first lost item,...

Temporary price reductions (sales) are common for many goods and naturally result in large increases in the quantity sold. Demand estimation based on temporary price reductions may mis-measure the long run responsiveness to prices. In this paper we quantify the extent of the problem and assess...

We develop an equilibrium business cycle model where nonconvex delivery costs lead producers of final goods to follow generalized (S,s) inventory policies with respect to intermediate goods. When calibrated to match the average inventory-to-sales ratio in postwar U.S. data, our model reproduces...

We propose a production-cost smoothing model with Knightian uncertainty and ambiguityaversion to study the joint behavior of production, inventories, and sales. Our model canexplain four facts that previous studies find difficult to account for simultaneously: (i) the highvolatility of...

There is a growing trend towards renting rather than permanent ownership of various product categories such as designer clothes and accessories. In this paper, we study an emerging retail business model that simultaneously serves rental and sales markets. Specifically, we consider a retailer...

Problem definition: We study the optimal inventory ordering, expediting and allocation decisions in a multi-echelon supply chain over a finite horizon, in which customer orders are quoted with a fixed fulfillment time window, termed the service time target (STT).Academic/Practical Relevance:...

Manufacturers' finished goods inventories move less than shipments over the business cycle. We argue that this requires marginal cost to be more procyclical than is conventionally measured. We construct, for six manufacturing industries, alternative measures of marginal cost that attribute...

This paper advances significantly the literature on the optimality of the base stock policy by generalizing the demand distribution and beginning with a completely general belief prior to be updated as demands are observed over time. As the value function depends on the belief, the functional...

One advantage of online retail is that a large number of products can be displayed at low cost. However, online retailers must decide which of these products to carry in inventory (stock items), and which to order from suppliers when a customer places an order (non-stock items). In this paper,...

Safety stock is necessary for firms in order to manage the uncertainty of demand. A key component in its determination is the estimation of the variance of the forecast error over lead time. Given the multitude of demand processes that lack analytical expressions of the variance of forecast...

This study examined influence of working capital management practices on the profitability of small and medium sized enterprises in Makueni County. A cross-sectional survey research design was used. A sample of 50 small and medium sized enterprises from Wote town was used. The financial...

This paper investigates the impacts of transshipment between overconfident newsvendors who perceive the expected outcome of an uncertain event as more certain than it actually is. The conventional wisdom is that transshipment is a risk-pooling strategy for improving newsvendors’ performance....

This paper compares the cyclical and secular behavior of Japanese and U.S. inventories at the aggregate and sectoral level, 1967-1987. While, as is well known, U.S. inventories are sharply procyclical, Japanese inventories are only mildly procyclical. In neither country do inventory and sales...

If stock-outs are ignored and if demand shocks are additive, then optimal behavior requires that the marginal cost of production (MC) be equated with the expected marginal revenue of increasing expected sales by one unit (EMR). However,with more general demand shocks (and still ignoring...

The VSTOXX index tracks the expected 30-day volatility of the EURO STOXX 50 equity index. Futures on the VSTOXX index can, therefore, be used to hedge against economic uncertainty. We investigate the effect of trader inventory on the price of VSTOXX futures through a combination of stochastic...

Purpose: A rising global container throughput has necessitated the need for more efficient terminals. This work focuses on identifying past developments, important methods, key performance indicators and the future trends, related to the main decision tasks in an inland rail-road terminal. Prime...

Purpose: To enable reliable food supply and to remain competitive, grocery retailers need to operate efficient distribution networks. Therefore, the purpose of this paper is to develop and apply a multi-criteria evaluation framework considering the complexity of grocery retail warehouses while...

Because prior knowledge may not generalize to the COVID-19 setting, scholars are racing to test the efficacy of existing theoretical frameworks during COVID-19. Most business studies are conceptual or surveys of damage. The main purpose of the paper is to extend the forthcoming stream that tests...

This paper presents a travel time model for multi-deep AS/RS, which determines the average travel times during a single command storage or retrieval and a dual command cycle. The model can determine the relocation probability, the number of expected relocations and the travel times in storage...

Epidemics require dynamic response strategies that encompass a multitude of policy alternatives and that balance health, economic and societal considerations. We propose a simulation-optimization framework to aid policymakers select closure, protection and travel policies to minimize the total...

This paper analyses literature contributions in the search for safety stock problem under uncertainties and risks in the procurement process, focusing on the dimensioning problem (determination of the safety stock level). We perform a systematic literature review (SLR) from 1995 to 2019 in...

Inventory management is becoming very challenging for the retailer over the years due to the uncertainty in the demand and supply of products in financial risk and management systems. In a competitive market, running a business smoothly in a highly suitable place is day by day becoming tough due...