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A multi-period inventory model with multi-dimensional procurement bidding

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  • Pooya Farahvash
  • Tayfur Altiok

Abstract

We consider a multi-period inventory model with raw material procurements carried out via a reverse auction. Bids are multi-dimensional, and they consist of supplier information of price, shortage quantity and lead time. This work is an extension of our earlier work that has focused on multi-dimensional procurement auctions in single-period inventory models, to multi-period settings. The new model is based on a hybrid approach combining stochastic dynamic programming and simulation. Copyright Springer Science+Business Media, LLC 2011

Suggested Citation

  • Pooya Farahvash & Tayfur Altiok, 2011. "A multi-period inventory model with multi-dimensional procurement bidding," Annals of Operations Research, Springer, vol. 186(1), pages 101-118, June.
    • Handle: RePEc:spr:annopr:v:186:y:2011:i:1:p:101-118:10.1007/s10479-011-0893-4
    DOI: 10.1007/s10479-011-0893-4
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    Cited by:

    1. Henry Inegbedion* & Sunday Eze & Abiola Asaleye & Adedoyin Lawal, 2019. "Inventory Management and Organisational Efficiency," The Journal of Social Sciences Research, Academic Research Publishing Group, vol. 5(3), pages 756-763, 03-2019.
    2. Qiu, Ruozhen & Sun, Minghe & Lim, Yun Fong, 2017. "Optimizing (s, S) policies for multi-period inventory models with demand distribution uncertainty: Robust dynamic programing approaches," European Journal of Operational Research, Elsevier, vol. 261(3), pages 880-892.

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