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The Impact of Capacity Flexibility in a Rental Operation on the Financial Performance
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논문 기본 정보

Type
Academic journal
Author
Eungab Kim (Ewha Womans University)
Journal
The Korean Operations Research and Management Science Society Journal of the Korean Operations Research and Management Science Society Vol.39 No.4 KCI Accredited Journals
Published
2014.11
Pages
153 - 165 (13page)

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The Impact of Capacity Flexibility in a Rental Operation on the Financial Performance
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Abstract· Keywords

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We present a new framework for rental capacity management in which rental capacity is dynamically managed by means of temporary inventory addition/return. While serving customers with its own (native) capacity, the rental firm rents additional rental capacity from an upper echelon rental company so that it can avoid lost sales which may occur when stock is not sufficient, and returns it when stock becomes sufficiently large enough to cope with demands. Formulating the model as a Markov decision process, we investigate a flexible capacity addition/return policy that maximizes the firm"s profit with respect to system costs. Numerical study indicates that rental operation with capacity addition/return can be economically favorable over rental operation without capacity expansion/return and can contribute the reduction in the size of native rental capacity.
#Rental Operation #Flexible Capacity Management #Reverse Logistics #Capacity Expansion/Reduction #Inventory management

Contents

Abstract
1. 서론
2. Problem Formulation
3. Optimal Rental Capacity Management Policy
4. Numerical Study
5. Conclusions
References

References (19)

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1. [학술지(정기간행물)] - Angelus, A. / 2002 / Simultaneous capacity and production management of shortlife-cycle, produce-to-stock goods under stochastic demand / Management Science 48 (2002) : 399 ~ 413 google schola 2. [학술지(정기간행물)] - Bean, J.C / 1985 / Optimal capacity expansion over an infinite horizon / Management Science 31 : 1523 ~ 1532 google schola 3. [단행본] - Bertsekas, D.P / 1987 / Dynamic Programming :Deterministic and Stochastic Models / Prentalice-Hall, Englewood Cliffs google schola 4. [학술지(정기간행물)] - Chand, S. / 2000 / A model for parallel machine replacement with capacity expansion / European Journal of Operational Research 121 : 519 ~ 531 google schola 5. [학술지(정기간행물)] - Chen, F. / 1994 / Evaluating echelon stock    policies in serial production/inventory systems with stochastic demand / Management Science 40 : 1262 ~ 1275 google schola

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UCI(KEPA) : I410-ECN-0101-2015-320-002870806