‘Stochastic Models for Inventory Management’ is a comprehensive guide that explores the complexities of managing inventory systems across diverse operational contexts. This book blends extensive research with practical insights to optimize resource allocation and enhance operational efficiency. It covers both fundamental concepts and advanced models of inventory control, highlighting their practical applications and the impact of operations research on decision-making processes. Readers will find a systematic review of existing literature, insights into different approaches and models, and an exploration of practical scenarios involving uncertainties like stochastic breakdowns and interarrival times. The book also discusses innovative methods, such as the base stock system and SCBZ properties, enriched with real-world case studies and numerical illustrations. Additionally, it addresses specialized inventory models for perishable and deteriorating items, considering inflation and backlogging effects. This resource is ideal for students, researchers, and practitioners in operations management, logistics, and supply chain management, aiming to provide valuable insights and inspire innovations in inventory control and operations research.
Prof. Dr. R. Elangovan, M.Sc., M.Phil., Ph.D. (Statistics)., M.Ed. (Education)., M.B.A.,Ph.D. (Business Administration). from Annamalai University. Graduated during 1982 and competed M.Sc. (Statistics) during 1984. Completed M.Ed in Education during 1994 and M.B.A. (Business Administration) during 2013 from Annamalai University. He was awarded Ph.D. in Statistics during 2000 and Ph.D. in Business Administration during 2021 from Annamalai University. He has 33 years of PG teaching experience at Annamalai University. Currently he is working as a Professor, School of Management at SASTRA Deemed University, SASTRA, Thanjavur, Tamil Nadu. He has published 79 papers in International, 31 papers in National journals and 20 papers in Conference proceedings, 30 papers in Scopus/Web of Science/ UGC care referred journals. A total of 160 papers published. Visited countries USA ( Five times), France, Paris, Nantes, U.K, U.A.E, Sri Lanka, China, Hong Kong in connection with delivering talks in the International Conferences, and in connections with Annamalai Univerity Examinations. He did his Leadership Academicians Program (LEAP), domestic phase at I.I.T., Varanasi and International National Phase at Judge Business School, Cambridge University, London, U.K. during 2019 and 2020. He has an excellent record of guiding 24 students and awarded Ph.D. since 2009, 43 students and awarded M.Phil. since 2001. He delivered 80 invited talk in connection with international conferences in India and abroad. He presented 102 papers in the National Conferences and 40 Webinar/Workshop/ Seminar/Colloquium attended. He chaired 40 sessions in the National and International Conferences in India and abroad. He received the Dr. Radha Krishnan Best Teacher National Award during 2020. He received the Ratna Prasad Multidisciplinary Research and Education Society Iconic Professor and Research award during January 2023. Recently he has received the Peter Drucker Legendary International Education and Research Excellence Award 2024 in Business Administration. He has organized two National Conferences and one Workshop sponsored by CSIR, UGC, New Delhi during 2002, 2018 and 2019. He has organized three days International Workshop sponsored by NBHM, Department of Atomic Energy, Government of India during 2014. He has organized two days faculty training programme and one day “ Hands on Experience SPSS “ during 2015. He was the coordinator for UGC-SAPDRS I Programme during April 2016 to March 2022 and DST-FIST during March 2018 to February 2021. He has worked as a Statistician in Aravind Eye Hospital, Madurai during 1987 to 1988, as an Assistant Technical Officer in Christian Medical College, Vellore during 1988 to 1989 before joining as Annamalai University during 1990 as a Lecturer. He has gained the reputation of being an Excellent teacher and Researcher.
Dr. M. Govindhan is a distinguished statistician specializing in Stochastic processes and biostatistics, having completed a Ph.D. in Statistics at Annamalai University since July 2019. He began his academic career as an Assistant Professor in Statistics at the Aravindhar Agricultural Institute of Technology, Tiruvannamalai, from August 2019 to December 2019, later moving to the PSG College of Arts and Science, Coimbatore, where he served as an Assistant Professor until January 2023. Currently, he is working as a Guest Lecturer in Statistics at Government Arts College, Dharmapuri, since January 2023. He has received the best research Paper Award on the occasion of National Science Day at Annamalai University in 2019, and he has received P.C. Mahalanobis Young Scientist Award on the occasion of the 9th national conference on natural science Pushkaram College of Agriculture Sciences, Pudukkottai, in the same year, and the Best Researcher Award on the occasion of Sakya Awards 2022 at Sakya Charitable Trust, Madurai, highlighting their significant contributions to the field of Stochastic processes and advancements in biostatistics, reflected his extensive publications and ongoing research endeavours, and is dedicated to inspiring and educating students and colleagues alike, driven by a passion for statistics and a commitment to excellence in research.
1. Introduction ..........................................................................................1
2. Determination of Optimal Reserve Inventory Between One Machine in First Stage and Two at Second Stage....................9
3. Determination of Optimal Reserve Inventory Between Machines in Series with Stochastic Breakdown Durations Having SCBZ Property...................................................33
4. Base Stock System for Optimal Reserve Inventory Between Machines in Series with Correlated Interarrival Times of Successive Breakdowns.....................................................................47
5. Generalization of Newsboy Problem with Change in Demand Distribution ...................................................................65
6. Economic Production Quantity Model with Demand Dependent Production for Deteriorating Items ............75
7. Two Warehouse Inventory Model with Preservation Technology Investment.....................................................................89
Bibliography........................................................................................99
