Search

In this paper a periodic review stock system using the so-called (S, s) ordering policy is considered. New and more accurate approximations are found for calculating the optimal values of the reorder point s and the minimum order quantity Δ = S - s. When demands are normally distributed it is shown that the six cost and distribution parameters associated with these approximations can be combined into two effective parameters. This facilitates the derivation of two graphs which can be used with some relatively simple computational procedures to determine approximate optimal values for the reorder point s and minimum order quantity Δ. [ABSTRACT FROM AUTHOR]

This article discusses about factor analysis in educational research. The purpose of the researcher is to present a basis for the evaluation of factor analysis as a research technique, with proper concern for results and application. Factor analysis can be described as an extension of the correctional method. The various factor method differ fundamentally only in the criteria which they set for determining factor weights. The data ordinarily subjected to factor analysis consist of the correlations between a set of variables. In all cases, however, caution must be exercised to see that application of factor analysis realistically conforms to the mathematical model it assumes.

This paper deals with the problem of whether or not a search activity should be started and, if started, whether or not it should be continued. This problem suggests a model that is described. The model gives rise to a general functional equation for which existence and uniqueness conditions are given. Several examples are discussed, solutions to the specific functional equations appropriate to the examples are given, and the optimal policies are characterized [ABSTRACT FROM AUTHOR]

This paper analyses an inventory system which employs a "can-order" policy. Under such a policy lines of stock are re-ordered when they run out, and at these times lines which have not run out are also re-ordered if the stock levels in particular lines are below the "can-order level". The well-known policies of independent and of joint re-orders are extreme cases of a can-order policy. Optimal values of the initial stock level and the can-order level are found, and are given in graphical form for the cases of 2 and 3 identical lines. An approximate method is described which finds these values for higher numbers of lines, and the method is shown to be a significant improvement on the two basic policies. Finally, the extension of the model to the general case, in which each line may have a separate unit holding cost and a separate sales rate, is discussed and some proposals made for optimisation. [ABSTRACT FROM AUTHOR]

The article focuses on the applications of game theory in management science. Game theory is the process of studying decision making tendencies during conditions of conflict. The author focuses on situations during which individuals, or players, are forced to make decisions based on factors beyond their control. The example of a poker game is examined. The use of payoff matrices illustrates ways in which game theory can be applied to business planning in the production, distribution, and advertising industries. By using probability weightings, individuals can select a pure strategy or combine strategies to implement a mixed strategy. The solution of a linear program is compared to the solution of a two-person zero sum game. Mathematical equations that can be used to determine risk are provided.