Dr. Xu Jianjun who came from Singapore Nanyang Technological University made a speech on “Optimal Ordering/Rationing Policy for a Periodic Review System with Two Demand Classes and Backordering” in Business School Seminar Room on the evening of May 14. This speech was presided by Associate Professor BU Xiangzhi.
Finally, the teachers and students here had a heated discussion with Dr. Xu on the content of his speech and the seminar had a complete success!
Dr. Xu is adoctor majoring in operational management in Singapore’s Nanyang Technological University and he has a wealth of aspects of the theoretical foundation and expertise. Dr. Xu Jianjun first introduced the main contents of the lecture’s optimal strategy for inventory management problems. His main research is the distribution of stock facing different demands in the use of dynamic programming. Dr. Xu Jianjun then mentioned that in the field of operations management, the different needs of customers have different sets of model. And based on different customer base, how to manage the stocks? Dr. Xu thought that there were two main methods: We can study the distribution of inventory based on the distribution of profits through different customer classifications. Second, based on the inventory, we can use price to control the demands in order to increase profits and reduce inventory based on inventory.
In the lecture, Dr. Xu’s literature review related to the field guided teachers and students here having a general understanding on the direction of operation and management of the foundation stock of knowledge and cutting-edge research. In the final of the lecture, Dr. Xu described the two basic models: N/S/S（Basic Model）and N/D/S（One-deterministic-one-stochastic Model）. He also introduced details of the model assumptions, the objective function, model characteristics and other issues and had a conclusion: N / D / S model is a special case of N / S / S model.
