fri09oct11:00 amfri12:00 pmOM PhD Seminars: Supply Uncertainty: An inventory model with rejection of defective supply batchesKonstantina Skouri, The University of Ionnina11:00 am - 12:00 pm CST OnlineRegister Here
Konstantina Skouri from The University of Ioannina will be speaking about Inventory Management Research. ABSTRACT An inventory system is studied, controlled by the periodic review base stock (S, T) policy and
Konstantina Skouri from The University of Ioannina will be speaking about Inventory Management Research.
An inventory system is studied, controlled by the periodic review base stock (S, T) policy and facing a fixed-rate deterministic demand which, if unsatisfied, is backordered. Entire supply batches may be defective and therefore rejected on arrival (i.e. the supply deliveries may fail according to a Bernoulli process). This supply setting relates with supply under random yield and supply under disruptions. The objective is the jointly determination of the two policy variables (review interval and the order-up-to level), so as to minimize long-run average cost. The cost is derived under two common accounting schemes for inventory cost evaluation: continuous and end-of-cycle costing. Exact closed-form solutions for the optimal order-up-to level S and the review interval T (for both costing schemes) are provided and their association with those of the classical EOQ (with backorders) model are discussed. Computations show the consequences of using the inaccurate end-of-cycle costing scheme or ignoring the supply process quality on the system cost performance. This presentation based on a joint work with Prof. Lagodimos and Prof. Konstantaras.
About the Speaker
Dr. K. Skouri is an Associate Professor of Operations Research in the Department of Mathematics, University of Ioannina Greece. Her research interests lie in the area of supply chain management with emphasis on inventory control. Her papers have been appeared in Naval Research Logistics, Computers and Operations Research, European Journal of Operational Research, Omega, Computer and Industrial Engineering, International Journal of Production Economics, etc. She serves in the editorial boards of International Journal of Systems Science, RAIRO-Operations Research, International Journal of System Science: Operations and Logistics, Advances in Operations Research, Mathematical Problems in Engineering.
(Friday) 11:00 am - 12:00 pm CST