2010•Unpublished venueRequires access

Procurement-inventory control with fluctuating prices a special case of procurement policy

Hui Wen, Huosong Xia, Xiaogang Cao

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.

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Key concepts: Procurement, Raw material, Control (management), Inventory control, Business, Industrial organization, Operations research, Environmental economics