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Research on Optimal Policy of Single-Period Inventory Management with Two Suppliers
We study a single-period inventory control problem with two independent suppliers. With the first supplier, the buyer incurs a high variable cost but negligible fixed cost; with the second supplier, the buyer incurs a lower variable cost but a positive fixed cost. At the same time, the ordering quan...
Autores principales: | , , |
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Formato: | Online Artículo Texto |
Lenguaje: | English |
Publicado: |
Hindawi Publishing Corporation
2014
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Materias: | |
Acceso en línea: | https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4258319/ https://www.ncbi.nlm.nih.gov/pubmed/25506067 http://dx.doi.org/10.1155/2014/417319 |
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author | Yang, Baimei Sui, Lihui Zhu, Peipei |
author_facet | Yang, Baimei Sui, Lihui Zhu, Peipei |
author_sort | Yang, Baimei |
collection | PubMed |
description | We study a single-period inventory control problem with two independent suppliers. With the first supplier, the buyer incurs a high variable cost but negligible fixed cost; with the second supplier, the buyer incurs a lower variable cost but a positive fixed cost. At the same time, the ordering quantity is limited. We develop the optimal inventory control policy when the holding and shortage cost function is convex. We also conduct some numerical experiments to explore the effects of the fixed setup cost K and the ordering capacity Q on the optimal control policy. |
format | Online Article Text |
id | pubmed-4258319 |
institution | National Center for Biotechnology Information |
language | English |
publishDate | 2014 |
publisher | Hindawi Publishing Corporation |
record_format | MEDLINE/PubMed |
spelling | pubmed-42583192014-12-11 Research on Optimal Policy of Single-Period Inventory Management with Two Suppliers Yang, Baimei Sui, Lihui Zhu, Peipei ScientificWorldJournal Research Article We study a single-period inventory control problem with two independent suppliers. With the first supplier, the buyer incurs a high variable cost but negligible fixed cost; with the second supplier, the buyer incurs a lower variable cost but a positive fixed cost. At the same time, the ordering quantity is limited. We develop the optimal inventory control policy when the holding and shortage cost function is convex. We also conduct some numerical experiments to explore the effects of the fixed setup cost K and the ordering capacity Q on the optimal control policy. Hindawi Publishing Corporation 2014 2014-11-20 /pmc/articles/PMC4258319/ /pubmed/25506067 http://dx.doi.org/10.1155/2014/417319 Text en Copyright © 2014 Baimei Yang et al. https://creativecommons.org/licenses/by/3.0/ This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. |
spellingShingle | Research Article Yang, Baimei Sui, Lihui Zhu, Peipei Research on Optimal Policy of Single-Period Inventory Management with Two Suppliers |
title | Research on Optimal Policy of Single-Period Inventory Management with Two Suppliers |
title_full | Research on Optimal Policy of Single-Period Inventory Management with Two Suppliers |
title_fullStr | Research on Optimal Policy of Single-Period Inventory Management with Two Suppliers |
title_full_unstemmed | Research on Optimal Policy of Single-Period Inventory Management with Two Suppliers |
title_short | Research on Optimal Policy of Single-Period Inventory Management with Two Suppliers |
title_sort | research on optimal policy of single-period inventory management with two suppliers |
topic | Research Article |
url | https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4258319/ https://www.ncbi.nlm.nih.gov/pubmed/25506067 http://dx.doi.org/10.1155/2014/417319 |
work_keys_str_mv | AT yangbaimei researchonoptimalpolicyofsingleperiodinventorymanagementwithtwosuppliers AT suilihui researchonoptimalpolicyofsingleperiodinventorymanagementwithtwosuppliers AT zhupeipei researchonoptimalpolicyofsingleperiodinventorymanagementwithtwosuppliers |