Real problems are formulated into tractable mathematical models, which allow for an analysis of various approaches. Attention is focused on solutions. Provides a unified treatment of the models discussed , presents a critique of the existing results, and points out potential research directions.
This book develops a modeling framework to analyze the problem of inventory management with alternative delivery times. The general context considered here is that a seller replenishes its inventory in fixed intervals and, between replenishments, allocates the limited inventory to satisfy customers who are both price and delivery-time sensitive. On the demand side, customers have heterogeneous delivery-time requirements and choose either spot or late delivery. This theoretical modeling captures the essence of real-world business practices such as the delivery time market segmentation strategy adopted by automobile dealerships in China and many other similar examples. The book focuses on the seller’s optimal inventory replenishment and demand fulfillment policies, and our results provide managerial insights into the merits of flexible delivery-time options. Similar applications such as the group-buying mechanism are also examined. The main mathematical tool used in theoretical analysis is dynamic programming. This book is written for students, researchers, and practitioners in the areas of operations management and industrial engineering who are interested in understanding the rationale of flexible delivery times and designing successful applications.
Real problems are formulated into tractable mathematical models, which allow for an analysis of various approaches. Attention is focused on solutions. Provides a unified treatment of the models discussed , presents a critique of the existing results, and points out potential research directions.
This book develops a modeling framework to analyze the problem of inventory management with alternative delivery times. The general context considered here is that a seller replenishes its inventory in fixed intervals and, between replenishments, allocates the limited inventory to satisfy customers who are both price and delivery-time sensitive. On the demand side, customers have heterogeneous delivery-time requirements and choose either spot or late delivery. This theoretical modeling captures the essence of real-world business practices such as the delivery time market segmentation strategy adopted by automobile dealerships in China and many other similar examples. The book focuses on the seller’s optimal inventory replenishment and demand fulfillment policies, and our results provide managerial insights into the merits of flexible delivery-time options. Similar applications such as the group-buying mechanism are also examined. The main mathematical tool used in theoretical analysis is dynamic programming. This book is written for students, researchers, and practitioners in the areas of operations management and industrial engineering who are interested in understanding the rationale of flexible delivery times and designing successful applications.
This edited volume contains 16 research articles. It presents recent and pressing issues in stochastic processes, control theory, differential games, optimization, and their applications in finance, manufacturing, queueing networks, and climate control. One of the salient features is that the book is highly multi-disciplinary. The book is dedicated to Professor Suresh Sethi on the occasion of his 60th birthday, in view of his distinguished career.
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