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INVENTORY MANAGEMENT
In order to provide an appropriate service level to customers while keeping operational costs as low as possible, companies have to design smart replenishment systems. Carefully designed replenishment/distribution systems would enable them to have the right products in the right place at the right time. Although research on inventory management has been around for decades, it still gets significant attention from the research community, as ensuring product availability at low costs is critical to survive in the ever more complex, global, fierce business environment of today. The literature on Inventory Management is vast, and the group at Zaragoza Logistics Center focuses particularly on stochastic inventory models where randomness could originate from either demand or supply. Specifically, the following models are studied by the Inventory Management Group at ZLC:
  • Coordination in Replenishment/Distribution in multi-supplier and multi-retailer setting with stochastic demand
  • Optimizing Dynamic Inventory Replenishment and Substitution for Products with Lead Times
  • Inventory Control in Systems with Random Yield
  • Production and Transshipment Management of Manufacturing Facilities
  • Inventory Control for Perishable Items with Random Deals (Promotions)
  • Optimal Rationing Policies for Inventory Systems with Multiple Demand Classes
  • Ordering Policies in the Face of Unreliable Suppliers and Counterfeit Products
  • Optimal Dual Sales and Stock Replenishment by Flexible Contracts in the face of a spot market
  • Inventory Pooling Mechanisms with Information Asymmetry
  • Risk Sharing Contracts
Inventory Management Research Group
Publications
  • Schulte, B., Pibernik, R. Service Differentiation in a single-period inventory model with numerous customer classes. OR Spectrum, 2016. DOI 10.1007/s00291-016-0432-4
  • Diaz, R., Bailey, M.P., Kumar, S. Analizing a lost-sale stochastic inventory model with Markov-modulated demands:  A simulation-based optimization studyJournal of Manufacturing Systems, Vol. 38, 2016, pp. 1-12
  • Chen, X., Feng, Y.,  Keblis, MF., Xu, J. Optimal Inventory Policy for Two Substitutable Products with Customer Service Objectives. European Journal of Operational Research, Vol. 246 (1), October 2016, pp 76-85
  • S. Chen and J. Xu. 2010. Note on Inventory Policies for Systems with Stochastic and Deterministic Demand. Operations Research Letters. 38(5), 450-453.
  • S. Chen, J. Xu and Y. Feng. 2010. A Partial Characterization of the Optimal Ordering/Rationing Policy for a Periodic Review System with Two Demand Classes and Backordering. Naval Research Logistics. 57(4), 330-341.
  • J. Xu, S. Chen, B. Lin and R. Bhatnagar. 2010. Optimal Production and Rationing Policy of a Make-To-Stock Production System with Batch Demand. Operations Research Letters. 38(3), 231-235.
  • M. Fadiloglu, E. Berk, and M. C. Gurbuz. 2008. Supplier Diversification under Binomial Yield. Operations Research Letters, Vol. 36 (5), 2008.
  • M. C. Gurbuz, K. Moinzadeh, and Y. Zhou 2007. Coordinated Replenishment Strategies in Inventory/Distribution Systems. Management Science, Vol. 53 (2), 293-307.
Work-in-process and working papers
  • X. Chen, Y. Feng, K. Matthew and J. Xu. 2010. Optimal Replenishment Policy for Two Substitutable Products with a Service Commitment. Working paper
  • M. C. Gurbuz, K. Moinzadeh, and Y. Zhou. Coordinated Replenishment Strategies in Multi-Item Inventory/Distribution Systems.
  • Y. Feng, J. Xu, D. Yao and S. Zheng. 2012. Optimizing Dynamic Inventory Replenishment and Substitution for Two Products with Leadtimes. Working paper
  • M. C. Gurbuz and E. Berk. Perishable Inventory Systems Under Continuous Review with Random Deal Offerings.
  • Y. Feng, J. Xu, D. Yao and S. Zheng. 2011. Production and Transshipment Management of Two Manufacturing Facilities: Dynamics, Efficient Optimal Policy and Characteristics. Working paper
  • E. Spiliotopoulou, M. C. Gurbuz, and K. Donohue. Information Reliability in Supply Chains: inventory pooling in the case of multiple retailers.
  • J. Xu, Y. Feng and S. Chen. 2010. Optimal Dual Sales and Stock Replenishment by Flexible Contracts in the Face of a Spot Market. Working paper
  • G. Pelayo and M. C. Gurbuz. Analyzing the Value of Contracts in the Joint Access and Coverage Problem in Health Care.
  • L. Wagner and M. C. Gurbuz. Sourcing Policies Under the Threat of Supplier Disruptions and Counterfeit Drugs: The Perspective of a Local Aid Delivery Agency.