DocumentCode
2549828
Title
Procurement-inventory control with fluctuating prices a special case of procurement policy
Author
Wen, Hui ; Xia, Huosong ; Cao, Xiaogang
Author_Institution
Sch. of Sci., Hubei Univ. of Technol., Wuhan, China
fYear
2010
fDate
16-18 April 2010
Firstpage
471
Lastpage
472
Abstract
We address the raw material procurement-inventory problem by using the deterministic-control approach. A company has to decide on rates at which raw-material procurement is carried out, while raw material prices and demand levels vary over time. Through the study of optimality control conditions, we derive insightful properties of the optimal procurement controls for a few special cases.
Keywords
optimal control; pricing; procurement; raw materials inventory; stock control; deterministic control approach; fluctuating prices; optimality control conditions; procurement inventory control; procurement policy; raw material procurement inventory problem; Costs; Educational institutions; Engineering management; Lot sizing; Material storage; Optimal control; Procurement; Raw materials; Supply chains; Technology management; Inventory; Optimal Control; Optimal Policy; Procurement;
fLanguage
English
Publisher
ieee
Conference_Titel
Information Management and Engineering (ICIME), 2010 The 2nd IEEE International Conference on
Conference_Location
Chengdu
Print_ISBN
978-1-4244-5263-7
Electronic_ISBN
978-1-4244-5265-1
Type
conf
DOI
10.1109/ICIME.2010.5477890
Filename
5477890
Link To Document