THE SINGLE-PERIOD (NEWS -VENDOR) PROBLEM WITH STOCHASTIC INITIAL INVENTORY

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BIJARI M.; HAJI R.

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Paper Information

Journal: INTERNATIONAL JOURNAL OF ENGINEERING SCIENCE (ENGLISH) Year:2004 | Volume:15 | Issue:2 Page(s): 47-54

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Information Journal Paper

Title

THE SINGLE-PERIOD (NEWS -VENDOR) PROBLEM WITH STOCHASTIC INITIAL INVENTORY

Author(s)

BIJARI M. | HAJI R. | Issue Writer Certificate

Keywords

SINGLE PERIODQ4

STOCHASTIC INITIAL INVENTORYQ4

OPTIMAL ORDER QUANTITYQ4

SUDDEN OBSOLESCENCEQ4

Abstract

The single-period problem (SPP), also known as the newsboy or news-vendor problem, is to find the order quantity which maximizes the expected profit or minimizes the expected cost in a SINGLE PERIOD probabilistic demand framework. This paper considers SPP with initial inventory at the beginning of the period as a stochastic variable. The proposed model applies when the order quantity has to be decided before the period. At the decision time, the inventory level is known, but the inventory level may be decreased due to various factors before the period.Consequently the inventory level will be a stochastic variable at the beginning of the period we present a method to determine the OPTIMAL ORDER QUANTITY for the proposed model. The presented model can be used in the SUDDEN OBSOLESCENCE case.This model has been extended to multi product with budget constraint. A method is derived to determine optimal order quantities with budget constraint using lagrange multipliers.

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APA: Copy

BIJARI, M., & HAJI, R.. (2004). THE SINGLE-PERIOD (NEWS -VENDOR) PROBLEM WITH STOCHASTIC INITIAL INVENTORY. INTERNATIONAL JOURNAL OF ENGINEERING SCIENCE (ENGLISH), 15(2), 47-54. SID. https://sid.ir/paper/52593/en

Vancouver: Copy

BIJARI M., HAJI R.. THE SINGLE-PERIOD (NEWS -VENDOR) PROBLEM WITH STOCHASTIC INITIAL INVENTORY. INTERNATIONAL JOURNAL OF ENGINEERING SCIENCE (ENGLISH)[Internet]. 2004;15(2):47-54. Available from: https://sid.ir/paper/52593/en

IEEE: Copy

M. BIJARI, and R. HAJI, “THE SINGLE-PERIOD (NEWS -VENDOR) PROBLEM WITH STOCHASTIC INITIAL INVENTORY,” INTERNATIONAL JOURNAL OF ENGINEERING SCIENCE (ENGLISH), vol. 15, no. 2, pp. 47–54, 2004, [Online]. Available: https://sid.ir/paper/52593/en

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