An analysis of economic retention models for excess stock in a stochastic demand environment

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Published **1994**
by Naval Postgraduate School, Available from National Technical Information Service in Monterey, Calif, Springfield, Va .

Written in English

Retention policy for U.S. Navy wholesale inventories in long supply has been in a state of flux and under Congressional scrutiny since 1985. This thesis analyzes and compares the U.S. Navy"s current economic retention process to four mathematical Economic Retention Decision Models designed to assist in making retention determinations with respect to excess inventories. The motivation for this research was based on several factors, the two primary factors were; the Navy does not currently use a classical economic retention decision model when making retention/disposal decisions for essential material, and U.S. Navy inventories in long supply were estimated to be as high as 3.4 billion dollars in March 1993. A Pascal based simulation was developed to compare the Navy"s retention process and the mathematical models. The comparison was based on performance with respect to the Measures Of Effectiveness (MOE) of Total Cost and Average Customer Wait Time. The simulation was designed to emulate the portions of the Navy"s consumable item inventory management system (UICP) applicable to the demand process for a Navy managed consumable item. The goal of this research was to determine how effective the Navy"s retention process was as compared with economic retention decision models for both a steady state and a declining demand environment.

**Edition Notes**

Statement | Donald C. Miller |

The Physical Object | |
---|---|

Pagination | 183 p. ; |

Number of Pages | 183 |

ID Numbers | |

Open Library | OL25499227M |

An analysis of economic retention models for excess stock in a stochastic demand environment Item Preview retention process was as compared with economic retention decision models for both a steady state and a declining demand environment Notes. some content may be lost due to the binding of the : Download PDF: Sorry, we are unable to provide the full text but you may find it at the following location(s): (external link) https. demand, would give the economic retention quantity. Mohan and Garg [23] expanded some features of Simpson's earlier model. Besides considering inflation, they allowed for the obsolescence factor to follow a general probability distribution. In fact, they used the exponential distribution and constructed an appropriate economic retention Size: KB. as the geometric Brownian motion model or the economic Brownian motion model). As a result of the geometric random walk the stock prices follow a log-normal distribution, instead of a normal distribution as assumed by Bachelier (). Application of the random walk model to the logged series implies that the forecast for the next value.

The Brock-Mirman Model Optimal Growth under Uncertainty The Brock-Mirman Model IX Moreover, the average value of k (t) in invariant limiting distribution will be the same as the time average of fk (t)gT t=0 as T!¥ (stochastic process for the capital stock is ﬁergodicﬂ). A ﬁsteady-stateﬂequilibrium now corresponds not to speci–c values. The geometric Brownian motion model is widely used to explain the stock price time series. The following sections summarize its main features. The stochastic model may be viewed as an extension of the usual deterministic model for which the rate of return is . MATHEMATICAL MODELS IN ECONOMICS – Vol. II and economic analysis has turned increasingly toward matrix and As is the production used as factor inputs in order to supply excess production s necessary to satisfy demand d. The solution is the unique set of activity. justed closing prices on Microsoft stock and the S&P index over the period January 1, and 1 These data are obtained from ﬁrst use the daily and monthly data to illustrate descriptive statistical analysis and to establish a number of stylized facts.

We study an inventory system under periodic review in the presence of two suppliers (or delivery modes). The emergency supplier has a shorter lead-time than the regular supplier, but the unit price he offers is higher. Excess demand is backlogged. We generalize the recently studied class of dual index policies [Veeraraghavan, S., A. Scheller. efficient stochastic models for supply chain operation with uncertain make-to-stock demand,” mwdsi conference, april , , grand rapids, mi, usa. Conference Paper Full-text available. This chapter discusses the equilibrium in stochastic economic models. Much of the analytical work in economic theory is devoted to the characterization of some sort of an equilibrium or a steady state. An equilibrium is typically a state of the system satisfying some basic consistency conditions that make it self-perpetuating once it is attained. E Stochastic Frontier Models and Efficiency Analysis E-5 E Predictions, Residuals and Partial Effects Predicted values and „residuals‟ for the stochastic frontier models are computed as follows: The same forms are used for cross section and panel data forms. The predicted value is x. (These are rarely useful in this setting.).

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