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| TWO-STAGE ORDERING DECISION FOR A SHORT-LIFE-CYCLE PRODUCT | |
| 引用本文： | Bin LIU1,3 Jian CHEN2 Shu WU3 Sifeng LIU3 1Department of Management Science,Henan Agricultural University,Zhengzhou,450002,China2School of Economics and Management,Tsinghua University,Beijing,100084,China3College of Economics and Management,Nanjing University of Aeronautics and Astronautics Nanjing,210016,China. TWO-STAGE ORDERING DECISION FOR A SHORT-LIFE-CYCLE PRODUCT[J]. 系统科学与系统工程学报(英文版), 2006, 15(3): 340-358. DOI: 10.1007/s11518-006-5020-8 |
| 作者姓名： | Bin LIU1 3 Jian CHEN2 Shu WU3 Sifeng LIU3 1Department of Management Science Henan Agricultural University Zhengzhou 450002 China2School of Economics and Management Tsinghua University Beijing 100084 China3College of Economics and Management Nanjing University of Aeronautics and Astronautics Nanjing 210016 China |
| 作者单位： | Bin LIU1，3 Jian CHEN2 Shu WU3 Sifeng LIU3 1Department of Management Science，Henan Agricultural University，Zhengzhou，450002，China2School of Economics and Management，Tsinghua University，Beijing，100084，China3College of Economics and Management，Nanjing University of Aeronautics and Astronautics Nanjing，210016，China |
| 基金项目： | This work was supported in part by Natioanl Natural Science Foundation of China under Grant No.70321001 Nature Science Foundation of Henan Province Education Committee under Grant No.2006120004 Natural Science Foundation for PhD of Henan Agricultural University under Grant No.30700300 |
| 摘 要： | 1. Introduction Recent years have seen scores of retail and manufacturing companies exploring innovative ordering or production modes in an effort to improve their operations and ultimately the bottom lines. So, more and more scholars and managers have investigated stochastic inventory problems. Uncertain demand is the cause of higher inventory costs for short-life-cycle products, such as style fashions, perishable products, and even IT-type products. For short-life-cycle products, most schol… |
| 关 键 词： | 短生命周期产品 贝叶斯更新 定货量 随机动态规划 |
Two-stage ordering decision for a short-life-cycle product |
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| Bin Liu,Jian Chen,Shu Wu,Sifeng Liu. Two-stage ordering decision for a short-life-cycle product[J]. Journal of Systems Science and Systems Engineering, 2006, 15(3): 340-358. DOI: 10.1007/s11518-006-5020-8 | |
| Authors: | Bin Liu Jian Chen Shu Wu Sifeng Liu |
| Affiliation: | 1. Department of Management Science, Henan Agricultural University, Zhengzhou, 450002, China;College of Economics and Management, Nanjing University of Aeronautics and Astronautics Nanjing,210016 2. School of Economics and Management, Tsinghua University, Beijing, 100084, China 3. College of Economics and Management, Nanjing University of Aeronautics and Astronautics Nanjing,210016 |
| Abstract: | This paper investigates the ordering decision problem for a short-life-cycle product under Bayesian updating. For a product characterized by a single manufacturing cycle and two selling periods, we depict a Two-Stage (TS) ordering strategy with a stochastic dynamic programming model in the view of the whole system, and prove that the expected profit function of the whole system is concave on the first ordering quantity and the remedial ordering quantity, respectively. Then, the optimal ordering decision is developed. Finally, characteristics of the optimal ordering quantities are analyzed with several examples. Our results show that the suggested TS decision model is better than a Quick Response (QR) decision model. |
| Keywords: | Short-life-cycle product Bayesian updating ordering quantity stochastic dynamic programming |
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