Open Access. Powered by Scholars. Published by Universities.®
- Keyword
-
- Inventory classification (1)
- Inventory management (1)
- Nonstationary demand. (1)
- Optimization (1)
- Order fulfillment (1)
-
- Profit maximization (1)
- Sequential decision making; Approximate Dynamic Programming; Resource Planning; Stochastic Optimization; Markov Decision Process; Dynamic Assignment; Rolling Horizon; Bellman Recursion (1)
- Supply-chain Multi-period Planning (1)
- Supply-chain Optimization (1)
- Supply-chain Risk Management (1)
- Supply-chain Simulation (1)
Articles 1 - 3 of 3
Full-Text Articles in Business
Multi-Period Stochastic Resource Planning: Models, Algorithms And Applications, Stanislaus Simon Solomon
Multi-Period Stochastic Resource Planning: Models, Algorithms And Applications, Stanislaus Simon Solomon
Dissertations
This research addresses the problem of sequential decision making in the presence of uncertainty in the professional service industry. Specifically, it considers the problem of dynamically assigning resources to tasks in a stochastic environment with both the uncertainty of resource availability due to attrition, and the uncertainty of job availability due to unknown project bid outcome. This problem is motivated by the resource planning application at the Hewlett Packard (HP) Enterprises. The challenge is to provide resource planning support over a time horizon under the influence of internal resource attrition and demand uncertainty. To ensure demand is satisfied, the external …
Synthesis Of Optimization And Simulation For Multi-Period Supply Chain Planning With Consideration Of Risks, Liang Xu
Dissertations
Solutions to deterministic optimizing models for supply chains can be very sensitive to the formulation of the objective function and the choice of planning horizon. We illustrate how multi-period optimizing models may be counterproductive if traditional accounting of revenue and costs is performed and planning occurs with too short a planning horizon. We propose a “value added” complement to traditional financial accounting that allows planning to occur with shorter horizons than previously thought necessary. This dissertation presents a simulation model with an embedded optimizer that can help organizations develop strategies that minimize expected costs or maximize expected contributions to profit …
Optimizing Inventory For Profitability And Order Fulfillment Improvement, Liu Yang
Optimizing Inventory For Profitability And Order Fulfillment Improvement, Liu Yang
Dissertations
Despite the extensive research on inventory management, few studies have investigated the optimization of inventory classification and control policies for maximizing the net present value of profit and order fulfillment performance. This dissertation aims to fill the gaps, and consists of two main essays. Essay One (Chapter 1) presents a new multi-period optimization model to explicitly address nonstationary demand, arbitrary review periods, and SKU-specific lead times, with the objective of maximizing the net present value of profit. A real-world application and computational experiments show that the optimal dynamic inventory classification and control decisions obtained from the model significantly reduce both …