Inventory Control with a Randomly Available Discount Purchase Price

Arthur P. Hurter · Frank C. Kaminsky

17 citations0/0 files storedJournal of the Operational Research Society

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Supply Chain and Inventory Management Management and Optimization Techniques Advanced Queuing Theory Analysis

Abstract

A mathematical model is developed for a basic single-commodity storage system in which the stock controller is faced with a randomly fluctuating purchase price. High- and low-price periods are defined and a purchasing policy is specified which depends upon both the number of units in storage and the price period in which the system is operating. For the case of random demand the limiting stochastic behaviour of the system is obtained and the cost of operating the system is derived.

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References

1953On the Optimal Character of the (s, S) Policy in Inventory Theory 1960Stock Control with Random Opportunities for Replenishment

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1982Simplified Forward Buying with Price Changes 2015Optimal ordering for a probabilistic one-time discount

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