We discuss five areas of inventory model, including reusable raw material, EPQ model, optimization, random planning horizon and present value. In the traditional EPQ model, the stock-holding cost of raw material was n...We discuss five areas of inventory model, including reusable raw material, EPQ model, optimization, random planning horizon and present value. In the traditional EPQ model, the stock-holding cost of raw material was not counted as a part of relevant cost. We explored the possibility of reducing a company’s impact on the environment and increasing their competitiveness by recycling their repair and waste disposal. The products are manufactured with reusable raw material. Our analysis takes into account the time value, and the present value method is applied to determine the optimal inventory policies for reusable items with random planning horizon. Results show how the heuristic approach can achieve global optimum. Numerical examples are given to validate the proposed system.展开更多
The classical economic production quantity (EPQ) assumes that the replenishments are instantaneous. As a manager of a factory, there is a problem must be taken into consideration. If the establishment buys all of the ...The classical economic production quantity (EPQ) assumes that the replenishments are instantaneous. As a manager of a factory, there is a problem must be taken into consideration. If the establishment buys all of the raw materials at the beginning, the stock-holding cost for the raw materials should be counted into the relevant costs. So the main purpose of this paper will add the raw materials stock-holding cost to the EPQ model and take the time value of money into consideration. Therefore, we will calculate the present value and compare the difference between take and does not take the time value of money into consideration. From these procedures of calculating, we found some interesting results: 1) the present value of total stock-holding cost of raw materials plus products from the beginning to time t is the same as the stock-holding cost of classical economic order quantity (EOQ) model;2) the present value of total relevant cost is independent of the production rate (if the production rate is greater than the demand rate);3) the optimal cycle time of total relevant cost not taking the time value into consideration is the same the optimal cycle time of classical EOQ model;4) the purchasing cost per unit time is irrelevant to time.展开更多
In this paper, we consider a risk model in which two types of individual claims, main claims and by-claims, are defined. Every by-claim is induced by the main claim randomly and may be delayed for one time period with...In this paper, we consider a risk model in which two types of individual claims, main claims and by-claims, are defined. Every by-claim is induced by the main claim randomly and may be delayed for one time period with a certain probability. The dividend policy that certain amount of dividends will be paid as long as the surplus is greater than a constant dividend barrier is also introduced into this delayed claims risk model. By means of the probability generating functions, formulae for the expected present value of total dividend payments prior to ruin are obtained for discrete-type individual claims. Explicit expressions for the corresponding results are derived for K n claim amount distributions. Numerical illustrations are also given.展开更多
The static modeling and dynamic simulation are essential and critical processes in petroleum exploration and development. In this study, lithofacies models for Wabiskaw Member in Athabasca, Canada are generated by mul...The static modeling and dynamic simulation are essential and critical processes in petroleum exploration and development. In this study, lithofacies models for Wabiskaw Member in Athabasca, Canada are generated by multipoint statistics(MPS) and then compared with the models built by sequential indicator simulation(SIS). Three training images(Tls) are selected from modern depositional environments;the Orinoco River Delta estuary, Cobequid bay-Salmon River estuary, and Danube River delta environment. In order to validate lithofacies models, average and variance of similarity in lithofacies are calculated through random and zonal blind-well tests.In random six-blind-well test, similarity average of MPS models is higher than that of SIS model. The Salmon MPS model closely resembles facies pattern of Wabiskaw Member in subsurface. Zonal blind-well tests show that successful lithofacies modeling for transitional depositional setting requires additional or proper zonation information on horizontal variation, vertical proportion, and secondary data.As Wabiskaw Member is frontier oilsands lease, it is impossible to evaluate the economics from production data or dynamic simulation. In this study, a dynamic steam assisted gravity drainage(SAGD)performance indicator(SPIDER) on the basis of reservoir characteristics is calculated to build 3 D reservoir model for the evaluation of the SAGD feasibility in Wabiskaw Member. SPIDER depends on reservoir properties, economic limit of steam-oil ratio, and bitumen price. Reservoir properties like porosity,permeability, and water saturation are measured from 13 cores and calculated from 201 well-logs. Three dimensional volumes of reservoir properties are constructed mostly based on relationships among properties. Finally, net present value(NPV) volume can be built by equation relating NPV and SPIDER. The economic area exceeding criterion of US$ 10,000 is identified, and the ranges of reservoir properties are estimated. NPV-volume-generation workflow from reservoir parameter to static model provides costand time-effective method to evaluate the oilsands SAGD project.展开更多
文摘We discuss five areas of inventory model, including reusable raw material, EPQ model, optimization, random planning horizon and present value. In the traditional EPQ model, the stock-holding cost of raw material was not counted as a part of relevant cost. We explored the possibility of reducing a company’s impact on the environment and increasing their competitiveness by recycling their repair and waste disposal. The products are manufactured with reusable raw material. Our analysis takes into account the time value, and the present value method is applied to determine the optimal inventory policies for reusable items with random planning horizon. Results show how the heuristic approach can achieve global optimum. Numerical examples are given to validate the proposed system.
文摘The classical economic production quantity (EPQ) assumes that the replenishments are instantaneous. As a manager of a factory, there is a problem must be taken into consideration. If the establishment buys all of the raw materials at the beginning, the stock-holding cost for the raw materials should be counted into the relevant costs. So the main purpose of this paper will add the raw materials stock-holding cost to the EPQ model and take the time value of money into consideration. Therefore, we will calculate the present value and compare the difference between take and does not take the time value of money into consideration. From these procedures of calculating, we found some interesting results: 1) the present value of total stock-holding cost of raw materials plus products from the beginning to time t is the same as the stock-holding cost of classical economic order quantity (EOQ) model;2) the present value of total relevant cost is independent of the production rate (if the production rate is greater than the demand rate);3) the optimal cycle time of total relevant cost not taking the time value into consideration is the same the optimal cycle time of classical EOQ model;4) the purchasing cost per unit time is irrelevant to time.
基金The NSF (11201217) of Chinathe NSF (20132BAB211010) of Jiangxi Province
文摘In this paper, we consider a risk model in which two types of individual claims, main claims and by-claims, are defined. Every by-claim is induced by the main claim randomly and may be delayed for one time period with a certain probability. The dividend policy that certain amount of dividends will be paid as long as the surplus is greater than a constant dividend barrier is also introduced into this delayed claims risk model. By means of the probability generating functions, formulae for the expected present value of total dividend payments prior to ruin are obtained for discrete-type individual claims. Explicit expressions for the corresponding results are derived for K n claim amount distributions. Numerical illustrations are also given.
基金supported by the Energy Efficiency and Resources Program of the Korea Institute of Energy Technology Evaluation andPlanning(KETEP,Grant No.20132510100060)the Basic Research Program of Korea Institute of Geoscience and Mineral Resources(KIGAM,GP2017-024)+2 种基金funded by the Ministry of ScienceICTFuture Planning of Korea
文摘The static modeling and dynamic simulation are essential and critical processes in petroleum exploration and development. In this study, lithofacies models for Wabiskaw Member in Athabasca, Canada are generated by multipoint statistics(MPS) and then compared with the models built by sequential indicator simulation(SIS). Three training images(Tls) are selected from modern depositional environments;the Orinoco River Delta estuary, Cobequid bay-Salmon River estuary, and Danube River delta environment. In order to validate lithofacies models, average and variance of similarity in lithofacies are calculated through random and zonal blind-well tests.In random six-blind-well test, similarity average of MPS models is higher than that of SIS model. The Salmon MPS model closely resembles facies pattern of Wabiskaw Member in subsurface. Zonal blind-well tests show that successful lithofacies modeling for transitional depositional setting requires additional or proper zonation information on horizontal variation, vertical proportion, and secondary data.As Wabiskaw Member is frontier oilsands lease, it is impossible to evaluate the economics from production data or dynamic simulation. In this study, a dynamic steam assisted gravity drainage(SAGD)performance indicator(SPIDER) on the basis of reservoir characteristics is calculated to build 3 D reservoir model for the evaluation of the SAGD feasibility in Wabiskaw Member. SPIDER depends on reservoir properties, economic limit of steam-oil ratio, and bitumen price. Reservoir properties like porosity,permeability, and water saturation are measured from 13 cores and calculated from 201 well-logs. Three dimensional volumes of reservoir properties are constructed mostly based on relationships among properties. Finally, net present value(NPV) volume can be built by equation relating NPV and SPIDER. The economic area exceeding criterion of US$ 10,000 is identified, and the ranges of reservoir properties are estimated. NPV-volume-generation workflow from reservoir parameter to static model provides costand time-effective method to evaluate the oilsands SAGD project.
