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Seminar
Department of Systems Engineering and Engineering Management
The Chinese
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Title |
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Modeling transshipment
decisions in retail networks |
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Speaker |
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Prof. Thomas Archibald |
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The University of |
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Date |
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Feb. 11th, 2011 (Friday) |
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4:30 p.m. - 5:30 p.m. |
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Venue |
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Room 513 |
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William M.W. Mong Engineering
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(Engineering Building Complex Phase 2) |
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CUHK |
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Abstract:
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The effective use of transshipments is an important issue in the management of inventory systems in the retail sector. In many retail settings, the arrival of customers is highly unpredictable and customers require immediate service. This is often true of fashion goods, for example. In such cases, transshipment decisions have to be taken in response to or in anticipation of demand. This paper discusses the transshipment problem in retail networks in general. A modeling approach based on dynamic programming is used to develop simple heuristic policies to address aspects of the problem. These policies have the intuitively appealing property that decisions depend on the inventory held in the network and the time to replenishment. Results of a numerical study are presented to demonstrate the strong performance of the heuristics relative to simple transshipment policies commonly applied in practice. |
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Biography:
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Thomas Archibald is Professor of Business Modelling at the University of Edinburgh Business School
and co-editor of the Journal of the Operational Research Society. He has held visiting positions at the Tinbergen
Institute, concerned with the development of new methodologies to solve high dimensional stochastic dynamic optimization problems, particularly problems from the areas of reservoir operation and inventory control. He is currently involved in a major project to develop reliability and optimization models for asset management in water networks. He also has active research projects in the areas of operations management for start-up firms, closed-loop supply chains and supply chain disruption. |
************************* ALL ARE WELCOME ************************
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Host |
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Prof. Janny Leung |
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(852) 2609-8238 |
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Enquiries |
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Prof. Nan Chen or Prof. Sean X. Zhou |
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Department of Systems Engineering and Engineering
Management |
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CUHK |
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