Inventory Management

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Application of game theory in inventory management

Application of game theory in inventory management

This work presents briefly some basic concepts of game theory and shows its applica- tion in inventory management by using modifications of the classic news vendor model. In the traditional news vendor model, the inventory problem is modeled as a single decision maker problem (for example, a retailer that wants to define an optimal order quantity for a particular product) where the decisions are made without consid- ering other competitors (for example, other retailers o firms that provide the same o similar product in the marketplace), and if there are different types of products, they cannot be substituted for each other. The problem with these assumptions is that in many real situations this is not true. Now, the question that arises here is: can we con- struct an inventory model that is able to describe such situations? The answer is YES. In particular, we can use Game Theory.

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Inventory Management, Product Quality, and Cross Country Income Differences

Inventory Management, Product Quality, and Cross Country Income Differences

Based on these observations, we construct a multicountry, general equilibrium model of trade and inventory management in which fixed, per shipment costs vary across countries, and both the quality of an exporter’s product and the size and frequency of shipments are determined endogenously. To maintain analytical tractability, and in contrast to AKM, our model assumes that all decisions are made in continuous time and that both demand and supply are deterministic ( i.e., the model is essentially a standard Baumol-Tobin inventory model ) . These assumptions allow us to derive analytically an “all-in” cost of distribution— production, shipping, and inventory costs— and show that this cost has an “as if ” ad valorem trade cost representation. This is important because it shows that, even in the face of inventory management concerns, a reduced-form, ad  valorem trade cost assumption can consistently represent all trading costs. Because per shipment costs vary across export countries, it also shows that an asymmetric trade cost specification ( as in Waugh ) is necessitated by distribution and inventory management concerns. Finally, it also implies that quality choice must vary systematically with the cross-country variation in per shipment costs as an optimal response to inventory management problems: Countries with low per shipment costs make more frequent, smaller shipments, have lower inventory costs as a result, and so can more easily bear the increases in inventory costs associated with increased quality. In essence, low per shipment cost countries have a comparative advantage in the production and distri- bution of products that are most affected by inventory costs, namely, the high value / quality products.

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Métodos para mejorar la eficiencia y la toma de decisiones en la gestión de inventarios // Methods to improve efficiency and decisions in inventory management

Métodos para mejorar la eficiencia y la toma de decisiones en la gestión de inventarios // Methods to improve efficiency and decisions in inventory management

An efficient inventory control system requires the application of control and analysis methods in correspondence with the relative economic importance of each stored product. The objective of this article was to contribute to the efficiency and decision making in the management of inventories of the bakery company "Pan Van" of Riobamba city, Ecuador from the application of two methods that allow the decision making in the inventory management: the ABC method for the selective control of inventories with a multi-criteria approach and the Mini-Max inventory policy. The research used the method of analysis and synthesis to determine the essential elements of the object of study at the theoretical level, and the interpretation of the results obtained. Group work techniques and SWOT analysis were also used to determine the organization's main strengths, weaknesses, opportunities and threats. Among the main results obtained are the multi-criteria ABC classification and the determination of the inventory standards of selected products of the baking company under study.

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AUDITORÍA LOGÍSTICA PARA EVALUAR EL NIVEL DE GESTIÓN DE INVENTARIOS EN EMPRESAS / THE LOGISTICS AUDITORY TO ASSESS THE LEVEL OF INVENTORY MANAGEMENT IN COMPANIES

AUDITORÍA LOGÍSTICA PARA EVALUAR EL NIVEL DE GESTIÓN DE INVENTARIOS EN EMPRESAS / THE LOGISTICS AUDITORY TO ASSESS THE LEVEL OF INVENTORY MANAGEMENT IN COMPANIES

The inventory management has a direct incidence in the return of the investment and the availability of products and services to the customers. That is why it is necessary to measure the performance and the results, as well as to know the best actions of improvement that should be implemented. The research in inventory management is based on mathematical models, although there is a tendency to evaluate the organizational management related to the inventories, but it is still segmented in the distribution operations or specific processes which impact the inventory without a comprehensive vision. Through the analysis of specialized bibliography, reference models and standards, it is proposed the evaluation of the organizational aspects that affect the inventory management, starting from referents to define the development strategy, since only with the application of models of operational research to manage the inventory it is not possible to guarantee their effectiveness.

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Financial risk indicators to evaluate inventory management policies

Financial risk indicators to evaluate inventory management policies

So far, we have not designed a formal procedure for finding an optimal policy with respect to the VaR indicator. What we can say is that the Figure 4 shows the output obtained when using an S parameter that has been calculated in the standar form, that is, assuming that the inventory system is evaluated by average cost indicator. That is the traditional approach, and one can see that using some other value as a parameter for the inventory policy, the system performance can be improved, in the sense of VaR reduction. This findings are in same direction that the ones mentioned in the section 3, preliminary research, some of them stated that when one includes the cost elements of an inventory system beyond the accounting point of view, including discount rates, for example, the optimal decisions derived can be wrong, an so do not reach optimality.

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The Retail Location Problem Under Uncertain Demand

The Retail Location Problem Under Uncertain Demand

This thesis is focused on assessing retailer companies in the process of mak- ing decisions related with the above questions and context. The research on this topic has been addressed both to find the optimal performance for the entire supply chain and for first or intermediate echelons of it (plants, warehouses, col- lections points, etc). Often, researchers develop mathematical models to decide about inventory management, transshipments at the same echelon or between them. Also, researchers have studied widely the facility location theory, as we will see in §1.3. Nonetheless, rarely we find studies with simultaneous decisions.

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Value Iteration for Perishable Inventory Control

Value Iteration for Perishable Inventory Control

The order policy found by Value Iteration dictates that an order is placed when an inventory level equal to the average demand is reached (or is lower than the average demand), but this could also depend on the costs per product and the holding cost. This results in an (s, S)- order policy for non-perishable products (shown in figure 4.1a). If fixed order cost k increases, the moment of ordering is postponed, and I becomes equal to µ (as expected). This means when fixed order costs increase, the re-order level s is as low as possible (the inventory is used completely). Because the costs of back-ordering are slightly higher than pre-ordering. In case of low fixed order costs, the re-order level s is increased up to 2 × µ. In this case, an inventory level of 2 × µ covers 97% of all demand. When k is small or zero, the difference in costs between back-ordering and pre-ordering Q, becomes bigger. Which makes it less appealing to have low inventory levels. However, non-perishability causes inventory levels to be higher than the expected demand µ. Fixed order costs k do appear to be high, compared to holding costs h. Theoretically, when fixed cost k is high, the optimal re-order inventory level s could be at a negative inventory level. An order is placed when back-ordering becomes more expensive than ordering a large quantity, although there are fixed costs and inventory costs.

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Lagrangian Relaxation for an Inventory Location Problem with Periodic Inventory Control and Stochastic Capacity Constraints

Lagrangian Relaxation for an Inventory Location Problem with Periodic Inventory Control and Stochastic Capacity Constraints

safety stock, cyclic inventory and order quantities, and peak inventory levels for each potential warehouse. This MINLP model is NP-hard because it is an extension of the Capacitated Facility Location Problem (CFLP), which is already NP-hard. Considering the high complexity of the analyzed prob- lem, we propose an approximate solution approach based on Lagrangian relaxation and the subgradient method. The decomposition approach considers the relaxation of a differ- ent combination of problem constraints, including customer assignment, warehouse demand, and variance constraints. Then, we decompose the relaxed problem in a subproblem for each warehouse, which in turn is disaggregated in an inventory and location subproblem. In addition, a Lagrangian heuristic is developed to achieve a feasible solution at each iteration of the subgradient method. This Lagrangian heuris- tic is made up of warehouse selection and retailers greedy assignment, followed by local search improvements. We solve instances up to 20 potential warehouses and 40 retailers. The Lagrangian relaxation algorithm proposed in this paper pro- vides low duality gaps and near-optimal solutions with com- petitive computational times. These results imply that this solution approach may be used in larger problem instances and more complex inventory location problems (ILP) as mul- ticommodity and multiperiod formulations. In addition, the inclusion of periodic review policy in this model is relevant for those companies in which a continuous review policy is not feasible or there is a need to reduce costs for the inventory control system, especially for items in high demand. Consid- ering all these attributes, ILP models could represent more accurately the complexity faced by distribution companies today.

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Effectiveness of a transdiagnostic internet based protocol for the treatment of emotional disorders versus treatment as usual in specialized care: study protocol for a randomized controlled trial

Effectiveness of a transdiagnostic internet based protocol for the treatment of emotional disorders versus treatment as usual in specialized care: study protocol for a randomized controlled trial

ICT such as the Internet may facilitate access by people for whom traditional therapy is not available [10]. Internet-based treatments have proven to be a very promising tool for solving several mental health prob- lems and enhancing the dissemination of evidence-based treatments [60–63]. Several advantages regarding the re- cruitment of patients, assessment, diagnosis and case management in Internet-based treatment protocols have been indicated in a recent article [64]. A number of sys- tematic reviews have shown that Internet-based treat- ments are efficacious [65–69]. Moreover, meta-analyses reveal that these protocols produce higher effect sizes compared to control groups [60, 65, 70] and that they are as efficacious as face-to-face traditional treatments [66, 70–72]. In sum, there is extensive evidence showing the efficacy of these treatments. However, the evidence available about Internet-based treatments is almost ex- clusively limited to disorder-specific protocols. Indeed, very few studies combining both a transdiagnostic approach and an Internet-based delivery format have been tested through randomized controlled trials (RCT) [25, 26, 29, 73]. Moreover, studies analyzing the efficacy of transdiagnostic Internet-based treatments, address the treatment of anxiety disorders only [25, 26, 73] or have used open-trial designs [28, 74]. Among those focused on anxiety and depression the existing protocols do not contemplate either the treatment of “not otherwise specified” diagnoses or obsessive-compulsive disorder [29], or target a small range of ED [29]. Moreover, to our knowledge, no RCT have been carried out on the ef- fectiveness of a transdiagnostic Internet-based protocol versus treatment as usual (TAU) in public mental spe- cialized care settings.

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Inventory of nanotechnology companies in Mexico

Inventory of nanotechnology companies in Mexico

The research followed four successive steps. In the first step, we compiled an inventory of 139 nanotech- nology companies in Mexico. In the second step, the products with nanotechnology were classified accord- ing to the United Nations’ International Standard Industrial Classification of All Economic Activities. This revealed that 40 % of the nanotech-related products corresponded to the manufacturing of chem- ical products and substances, followed by 14 % for the manufacturing of electronic, optic, and information products. In the third step, we located companies according to their role in the nanotechnology value chain, indicating that approximately half of the nanotechnology products on the market are final products, and half are primary nano-materials, inter- mediary materials, and instruments. The fourth and final step consisted of classifying the products accord- ing to whether they primarily lead to new productive processes, or are destined for personal consumption. The results showed that almost four-fifths of the products ended up as consumer goods.

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Ansiedad social y fobia social: revisión de autoinformes y análisis de su fiabilidad y validez en muestra infantojuvenil española

Ansiedad social y fobia social: revisión de autoinformes y análisis de su fiabilidad y validez en muestra infantojuvenil española

Sin embargo, todos los autoinformes hallados poseen factores que tienen en cuenta la complejidad del trastorno, ya sea a través de las situaciones que lo generan, como es el caso del Social Phobia and Anxiety Inventory for Children (SPAI-C; Olivares et al., 2010), de la Social Anxiety Scale for Adolescents (SAS-A; García- López et al., 2011) y del Social Anxiety Questionnaire for Children (SAQ-C24; Caballo et al., 2012), o atendiendo a los criterios diagnósticos en el caso del Social Phobia Inventory- Spanish version (SoPhI-S; Bermejo et al., 2011). Asimismo, la consistencia interna ha sido evaluada en los cuatro instrumentos y la fiabilidad test-retest en tres de ellos, siendo todos los índices adecuados según los criterios de Prieto y Muñiz (2000), excepto el de fiabilidad test- retest del SPAI-C.

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Impact assessment of an integrated approach for thermal power generation plants asset management in the current energy market

Impact assessment of an integrated approach for thermal power generation plants asset management in the current energy market

That situation has forced the thermal plants and in particular, the combined cycles to operate with extremely low annual average capacity factors, very close to 10%. Apart from the incomes reduction, working in out-of-design conditions, means getting a worse performance and higher costs than expected. In this scenario, anything that can be done to improve the efficiency and the equipment condition is positively received. Asset Management, as a multidisciplinary and integrated process, is gaining prominence, reflected in the recent publication of the ISO 55000 series in 2014. Dealing Asset Management as a global, integrated process needs to manage several processes and significant volumes of information, also in real time, that requires information technologies and software applications to support it.

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Reduction of the Bullwhip Effect in the supply chain of the company LABIOFAM Villa CLara whit a model Vendor Management Inventory(VMI)

Reduction of the Bullwhip Effect in the supply chain of the company LABIOFAM Villa CLara whit a model Vendor Management Inventory(VMI)

The bullwhip effect is a phenomenon that hinders administrative management both inside and outside the supply chain and consists of a growing distortion of the demand transmitted by the different agents involved in the management of the flow of products as we move away From the market. In other words, the Bullwhip effect reflects the increase in uncertainty as the orders are transferred upstream in the CdS, in this sense, this effect is considered as the phenomenon of "amplification" of demand, known among the different elements that make up a particular CdS. (Mejía Villamizar, et al., 2014)

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Project management, strategic management and sustainable development: a review of the literature

Project management, strategic management and sustainable development: a review of the literature

On the other hand, when it comes to the management field, there is a lack of research contributing with methods or frameworks that discusses how PM should support an organization´s strategy and sustainability. This is surprising since projects are the vehicles for executing the organization´s strategy. The paper of Patanakul and Shenhar (2012) is an exception to this trend. The authors propose a framework for building a dedicated project strategy document for an individual project, and show how this framework can guide the project planning and execution processes. However, the paper does not address sustainability. It was retrieved by the Scopus search because the word “sustainability” appears in the abstract but it does not refer to sustainable development issues.

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Adaptación del Consumer Style Inventory (CSI) al contexto argentino

Adaptación del Consumer Style Inventory (CSI) al contexto argentino

Abstract: One of the main objectives of consumer psy- chology is the intervention on consumer behavior, among which are the orientations of purchase. With the aim of operationalize these orientations in different consumer styles, Sproles and Kendall developed the Consumer Style Inventory (CSI). The aim of this study was to validate the CSI to the Argentine context in order to assess the con- sumer styles of the students at the University of Buenos Aires. The data was collected from a sample of 283 col- lege students from UBA and a non-probabilistic, inciden- tal, clustered by sex sampling was used. An adapted ver- sion to the Argentinean context of the Consumer Style Inventory was administered, composed of 40 items and eight dimensions with a five-point Likert response format depending on the degree of agreement or disagreement. The results indicate that CSI has a 16 items structure, grouped into 5 factors representing a fitted model to our context and replicates, at least partially, the factor structure of the original version of the instrument.

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Capturing the Severity and Impairment Associated With Depression: The Overall Depression Severity and Impairment Scale (ODSIS) Validation in a Spanish Clinical Sample

Capturing the Severity and Impairment Associated With Depression: The Overall Depression Severity and Impairment Scale (ODSIS) Validation in a Spanish Clinical Sample

Abbreviations: AUC, area under the curve; BAI, Beck Anxiety Inventory; BDI- II, Beck Depression Inventory-II; CES-D, Center for Epidemiological Studies Depression Scale; CFA, Confirmatory Factor Analysis; CFI, comparative fitness index; CTT, Classical Test Theory; CZ, Criterion, and Concordance Probability Method; DSM-IV-TR, Statistical Manual of Mental Disorders Fourth Edition; DSM-5, Diagnostic and Statistical Manual of Mental Disorders, Fifth Edition; GAD, Generalized anxiety disorder; IU, Index of Union; J, Youden index; MINI, Mini-International Neuropsychiatric Interview; NPV, Negative Predictive Value; OASIS, Overall Anxiety Severity and Impairment Scale; ODSIS, Overall Depression Severity and Impairment Scale; OCD, Obsessive-compulsive disorder; PANAS, Positive and Negative Affect Schedule; PANAS-N, Positive and Negative Affect Schedule-Negative Affect; PANAS-P, Positive and Negative Affect Schedule- Positive Affect; PD/AG, Panic disorder/agoraphobia; PHQ-9, Patient Health Questionnaire-9; PPV, Sensitivity, Specificity, Positive Predictive Value; QLI, Multidimensional Quality of Life Questionnaire; RMSEA, root mean square error or approximates; SAD, Social anxiety disorder; ROC curve, receiver operating characteristic; SRMR, Standardized root mean residuals.

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A Framework for Wetland Inventory

A Framework for Wetland Inventory

4. In Resolution VII.20 the COP urged Contracting Parties which had yet to complete national inventories of their wetland resources to give the highest priority to the compilation of comprehensive wetland inventories, and requested the Convention’s Scientific and Technical Review Panel (STRP) to review and further develop existing models for wetland inventory and data management, including the use of remote sensing and low-cost and user-friendly geographic information systems.

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Effectiveness of a brief psychological mindfulness based intervention for the treatment of depression in primary care: study protocol for a randomized controlled clinical trial

Effectiveness of a brief psychological mindfulness based intervention for the treatment of depression in primary care: study protocol for a randomized controlled clinical trial

AUC: Area-under-the-curve; BDI-II: Beck depression inventory II; CBT: Cognitive behavioral therapy; CI: Confidence intervals; CSRI: Client service receipt inventory; EQ-5D: EuroQoL-5D; ETS: Expectation of treatment scale; FFMQ: Five facet mindfulness questionnaire; GP: General practitioner; ICERs: Cost-effectiveness ratios; ICURs: Cost-utility ratios; ITT: Intention to treat; MBCT: Mindfulness-based cognitive therapy; MINI: Mini international neuropsychiatric interview V-5.0.0; OTS: Opinion of treatment scale; PANAS: Positive and negative affect scale; PC: Primary care; PHI: Pemberton happiness index; PHQ: Patient health questionnaire; QALYs: Quality-adjusted life-year; REML: Maximum likelihood; RM: Repeated measures; SF-12: Sort Form-12 health survey; TAU: Treatment as usual; WHO: World health organization

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Cognitive Behavioural therapy and interpersonal psychotherapy for the treatment of post natal depression: a narrative review

Cognitive Behavioural therapy and interpersonal psychotherapy for the treatment of post natal depression: a narrative review

12-I-GHQ: 12 Item General Health Questionnaire; ASSP: Ainsworth Strange Situation Procedure; BDI: Beck Depression Inventory; BDI-II: Beck Depression Inventory; BSID: Bayley Scales of Infant Development; BSQ: Behavioural Screening Questionnaire; CBT: Cognitive-behavioural therapy; CES-D: Centre for Epidemiologic Studies Depression Scale; DMC: Dyadic Mutuality Code; DSM-5: Diagnostic and Statistical Manual of Mental Disorders – Fifth Edition; DSM-III-R (SCID): Diagnostic and Statistical Manual of Mental Disorders – III – R; DSM-IV: Diagnostic and Statistical Manual of Mental Disorders – Fourth Edition; EPDS: Edinburgh Postnatal Depression Scale; ESDS: Epidemiological Studies Depression Scale; GAF: Global Assessment of Functioning Scale; GHQ: General Health Questionnaire; GSPI: Goldberg ’ s Standardised Psychiatric Interview; HAM-D: Hamilton Depression Rating Scale; HDRS: Hamilton Depression Rating Scale; HIV: Human Immunodeficiency Virus; HRSD: Hamilton Rating Scale for Depression; IPT: Interpersonal

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Reducción del efecto del látigo en la cadena de suministro de la empresa LABIOFAM Villa Clara con un modelo que sigue una filosofía Vendor Management Inventory (VMI)

Reducción del efecto del látigo en la cadena de suministro de la empresa LABIOFAM Villa Clara con un modelo que sigue una filosofía Vendor Management Inventory (VMI)

Vendor Managed Inventory (VMI), es un sistema que permite hacer más ágil la cadena de suministro, mediante la administración de los niveles de inventario por parte del fabricante o minorista. El modelo típico de requerimientos de materiales está dado por procesos tradicionales en los cuales el comprador o minorista establece una demanda y la empresa, planifica los procesos de abastecimiento, puntos de reorden, planeación de la producción, niveles de inventario, etc. En cambio, con la aplicación del modelo VMI se logra reducir los tiempos de entrega, mayor confiabilidad en los envíos y disminuir costos de transporte, producción y pedido, lo cual conduce a mejorar la programación de la producción y de los envíos, redundando en una mayor rentabilidad de la cadena de suministro. La aplicación de una política VMI, dependerá de los incentivos que posea cada parte para cooperar; por tal razón, si una de ellas posee el poder de mercado, no tendría motivación alguna para acoger una política conjunta diferente a la propia y óptima para él.(Montenegro Carrascal, 2011).

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