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
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;
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
DOI :
10.1109/ICIME.2010.5477890
