Periodic review (s, S) inventory model with permissible delay in payments

Maddah B.S.; Jaber M.Y.; Abboud N.E.

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dc.contributor.author	Maddah B.S.
dc.contributor.author	Jaber M.Y.
dc.contributor.author	Abboud N.E.
dc.contributor.editor
dc.date	2004
dc.date.accessioned	2017-10-04T11:06:34Z
dc.date.available	2017-10-04T11:06:34Z
dc.date.issued	2004
dc.identifier	10.1057/palgrave.jors.2601675
dc.identifier.isbn
dc.identifier.issn	01605682
dc.identifier.uri	http://hdl.handle.net/10938/13988
dc.description.abstract	This paper investigates the effect of permissible delay in payments on ordering policies in a periodic review (s, S) inventory model with stochastic demand. A new mathematical model is developed, which is an extension to that of Veinott and Wagner (Mngt Sci 1965; 11: 525) who applied renewal theory and stationary probabilistic analysis to determine the equivalent average cost per review period. The performance of the model is validated using a custom-built simulation programme. In addition, two distribution-free heuristic methods of reasonable accuracy develop approximate optimal policies for practical purposes based only on the mean and the standard deviation of the demand. Numerical examples are presented with results discussed.
dc.format.extent
dc.format.extent	Pages: (147-159)
dc.language	English
dc.publisher	BASINGSTOKE
dc.relation.ispartof	Publication Name: Journal of the Operational Research Society; Publication Year: 2004; Volume: 55; no. 2; Pages: (147-159);
dc.relation.ispartofseries
dc.relation.uri
dc.source	Scopus
dc.subject.other
dc.title	Periodic review (s, S) inventory model with permissible delay in payments
dc.type	Conference Paper
dc.contributor.affiliation	Maddah, B.S., Virginia Tech, Blacksburg, VA, United States
dc.contributor.affiliation	Jaber, M.Y., Ryerson University, Toronto, Ont., Canada, Department of Mechanical Engineering, Ryerson University, Toronto, Ont. M5B 2K3, Canada
dc.contributor.affiliation	Abboud, N.E., American University of Beirut, Beirut, Lebanon
dc.contributor.authorAddress	Jaber, M.Y.; Department of Mechanical Engineering, Ryerson University, Toronto, Ont. M5B 2K3, Canada; email: mjaber@ryerson.ca
dc.contributor.authorCorporate	University: American University of Beirut; Faculty: Faculty of Engineering and Architecture; Department: Electrical and Computer Engineering;
dc.contributor.authorDepartment	Electrical and Computer Engineering
dc.contributor.authorDivision
dc.contributor.authorEmail	mjaber@ryerson.ca
dc.contributor.faculty	Faculty of Engineering and Architecture
dc.contributor.authorInitials	Maddah, BS
dc.contributor.authorInitials	Jaber, MY
dc.contributor.authorInitials	Abboud, NE
dc.contributor.authorOrcidID
dc.contributor.authorReprintAddress	Jaber, MY (reprint author), Ryerson Univ, Dept Mech and Ind Engn, Toronto, ON M5B 2K3, Canada.
dc.contributor.authorResearcherID
dc.contributor.authorUniversity	American University of Beirut
dc.description.cited	AGGARWAL SP, 1995, J OPER RES SOC, V46, P658, DOI 10.1057-jors.1995.90; ARCELUS FJ, 1993, J OPER RES SOC, V44, P785, DOI 10.1057-jors.1993.137; Arrow KJ, 1951, ECONOMETRICA, V19, P250, DOI 10.2307-1906813; BANERJEE A, 1986, DECISION SCI, V17, P292, DOI 10.1111-j.1540-5915.1986.tb00228.x; CHAND S, 1987, J OPER RES SOC, V38, P83, DOI 10.2307-2582525; CHAPMAN CB, 1984, J OPER RES SOC, V35, P1055, DOI 10.2307-2582093; Chu P, 1998, COMPUT OPER RES, V25, P817, DOI 10.1016-S0305-0548(98)00006-9; CHUNG KH, 1989, J OPER RES SOC, V40, P495; Chung KJ, 1998, COMPUT OPER RES, V25, P49, DOI 10.1016-S0305-0548(97)00041-5; DAVIS RA, 1985, MANAGE SCI, V31, P499, DOI 10.1287-mnsc.31.4.499; EHRHARDT R, 1979, MANAGE SCI, V25, P777, DOI 10.1287-mnsc.25.8.777; EHRHARDT R, 1984, MANAGE SCI, V30, P618, DOI 10.1287-mnsc.30.5.618; FEDERGRUEN A, 1984, OPER RES, V32, P1268, DOI 10.1287-opre.32.6.1268; Fu MC, 1997, IIE TRANS, V29, P191; GOYAL SK, 1985, J OPER RES SOC, V36, P335, DOI 10.2307-2582421; HALEY CW, 1973, MANAGE SCI B-APPL, V20, P464, DOI 10.1287-mnsc.20.4.464; Hwang H, 1997, COMPUT OPER RES, V24, P539, DOI 10.1016-S0305-0548(96)00069-X; IGLEHART DL, 1963, MANAGE SCI, V9, P259, DOI 10.1287-mnsc.9.2.259; JAGGI CK, 1994, INT J PROD ECON, V34, P151, DOI 10.1016-0925-5273(94)90031-0; Jamal AMM, 1997, J OPER RES SOC, V48, P826, DOI 10.2307-3010710; Jamal AMM, 2000, INT J PROD ECON, V66, P59, DOI 10.1016-S0925-5273(99)00108-5; Johansen SG, 1999, INT J PROD ECON, V59, P405, DOI 10.1016-S0925-5273(98)00107-8; Khouja M, 1996, J MANUF SYST, V15, P334, DOI 10.1016-0278-6125(96)84196-3; KIM J, 1995, PROD PLAN CONTROL, V6, P45, DOI 10.1080-09537289508930252; KINGSMAN BG, 1983, J OPER RES SOC, V34, P1085, DOI 10.2307-2581018; Law A., 1991, SIMULATION MODELING; Liao HC, 2000, INT J PROD ECON, V63, P207, DOI 10.1016-S0925-5273(99)00015-8; RACHAMADUGU R, 1989, J OPER RES SOC, V40, P805, DOI 10.1057-jors.1989.143; SAHIN I, 1989, REGENERATIVE INVENTO; Sarker BR, 2000, COMPUT OPER RES, V27, P59, DOI 10.1016-S0305-0548(99)00008-8; SCHNEIDER H, 1990, MANAGE SCI, V36, P822, DOI 10.1287-mnsc.36.7.822; Shah V. R., 1996, Opsearch, V33; Shinn SW, 1996, EUR J OPER RES, V91, P528; Shinn SW, 1997, COMPUT IND ENG, V33, P717, DOI 10.1016-S0360-8352(97)00230-1; Silver E.A., 1998, INVENTORY MANAGEMENT; Teng JT, 2002, J OPER RES SOC, V53, P915, DOI 10.1057-palgrave.jors.2601410; VEINOTT AF, 1965, MANAGE SCI, V11, P525, DOI 10.1287-mnsc.11.5.525; Wagner H. M., 1975, PRINCIPLES OPERATION; ZHENG YS, 1991, OPER RES, V39, P654, DOI 10.1287-opre.39.4.654
dc.description.citedCount	17
dc.description.citedTotWOSCount	19
dc.description.citedWOSCount	12
dc.format.extentCount	13
dc.identifier.articleNo
dc.identifier.coden	JORSD
dc.identifier.pubmedID
dc.identifier.scopusID	2342450074
dc.identifier.url
dc.publisher.address	BRUNEL RD BLDG, HOUNDMILLS, BASINGSTOKE RG21 6XS, HANTS, ENGLAND
dc.relation.ispartofConference
dc.relation.ispartofConferenceCode
dc.relation.ispartofConferenceDate
dc.relation.ispartofConferenceHosting
dc.relation.ispartofConferenceLoc
dc.relation.ispartofConferenceSponsor
dc.relation.ispartofConferenceTitle
dc.relation.ispartofFundingAgency
dc.relation.ispartOfISOAbbr	J. Oper. Res. Soc.
dc.relation.ispartOfIssue	2
dc.relation.ispartOfPart
dc.relation.ispartofPubTitle	Journal of the Operational Research Society
dc.relation.ispartofPubTitleAbbr	J Oper Res Soc
dc.relation.ispartOfSpecialIssue
dc.relation.ispartOfSuppl
dc.relation.ispartOfVolume	55
dc.source.ID	WOS:000188741300007
dc.type.publication	Journal
dc.subject.otherAuthKeyword	(s, S) policy
dc.subject.otherAuthKeyword	Heuristicse
dc.subject.otherAuthKeyword	Periodic review
dc.subject.otherAuthKeyword	Permissible delay in payments-supplier credit
dc.subject.otherAuthKeyword	Service level
dc.subject.otherAuthKeyword	Simulation
dc.subject.otherAuthKeyword	Stochastic demand
dc.subject.otherChemCAS
dc.subject.otherIndex	Approximation theory
dc.subject.otherIndex	Costs
dc.subject.otherIndex	Data acquisition
dc.subject.otherIndex	Decision making
dc.subject.otherIndex	Heuristic methods
dc.subject.otherIndex	Mathematical models
dc.subject.otherIndex	Probabilistic logics
dc.subject.otherIndex	Stochastic control systems
dc.subject.otherIndex	(s, S) policy
dc.subject.otherIndex	Periodic review
dc.subject.otherIndex	Permissible delay in payments-supplier credit
dc.subject.otherIndex	Service level
dc.subject.otherIndex	Stochastic demand
dc.subject.otherIndex	Inventory control
dc.subject.otherKeywordPlus	ECONOMIC ORDER QUANTITY
dc.subject.otherKeywordPlus	POWER APPROXIMATION
dc.subject.otherKeywordPlus	TRADE CREDIT
dc.subject.otherKeywordPlus	LOT-SIZE
dc.subject.otherKeywordPlus	SUPPLIER CREDIT
dc.subject.otherKeywordPlus	S, S POLICIES
dc.subject.otherKeywordPlus	PRICE
dc.subject.otherKeywordPlus	INFLATION
dc.subject.otherKeywordPlus	PRODUCTS
dc.subject.otherWOS	Management
dc.subject.otherWOS	Operations Research and Management Science

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