Maximizing the survival probability in a cash flow inventory problem with a joint service level constraint

This paper investigates a multi-period stochastic cash flow inventory problem with the aim of maximizing the long-term survival probability, which may be the objective of some retailers especially in periods of economic distress. Demand in each period is stochastic and can be non-stationary. In order to avoid too many lost sales under this objective, we introduce a joint chance constraint requiring the probability of no stockouts during the planning horizon to be higher than a specified service level. We develop a scenario-based model and a sample average approximation (SAA) model to solve the problem. A statistical upper bound on the survival probability based on SAA is provided and we discuss upper and lower bounds for the problem based on stochastic dynamic programming. We also propose a rolling horizon approach with service rate updating to test the out-of-sample performance of the two stochastic models and solve problems with long planning horizons. We test the two methods in large numerical tests and find that the rolling horizon approach together with the stochastic models can solve realistically sized problems in reasonable time

Organic moderator-coolant in-pile irradiation loop for the MIT nuclear reactor : October 1, 1958 to October 1, 1959

Includes bibliographical references (leaf 34)First annual report; to October 1, 1958 to October 1, 1959Work performed under contract with Atomics International of North American Aviation, Inc. N9-S-514Division of Sponsored Research Project no. 8091Atomic Energy Commission contract no. AT(10-1)-106

How does iron interact with sporopollenin exine capsules? An X-ray absorption study including microfocus XANES and XRF imaging

Sporopollenin exine capsules (SECs) derived from plant spores and pollen grains have been proposed as adsorption, remediation and drug delivery agents. Despite many studies there is scant structural data available. This X-ray absorption investigation represents the first direct structural data on the interaction of metals with SECs and allows elucidation of their structure–property relationships. Fe K-edge XANES and EXAFS data have shown that the iron local environment in SECs (derived from Lycopodium clavatum) reacted with aqueous ferric chloride solutions is similar to that of ferrihydrite (FeOOH) and by implication ferritin. Fe Kα XRF micro-focus experiments show that there is a poor correlation between the iron distribution and the underlying SEC structure indicating that the SEC is coated in the FeOOH material. In contrast, the Fe Kα XRF micro-focus experiments on SECs reacted with aqueous ferrous chloride solutions show that there is a very high correlation between the iron distribution and the SEC structure, indicating a much more specific form of interaction of the iron with the SEC surface functional groups. Fe K-edge XANES and EXAFS data show that the FeII can be easily oxidised to give a structure similar to, but not identical to that in the FeIII case, and that even if anaerobic conditions are used there is still partial oxidation to FeIII

Radiopyrolysis

Statement of responsibility on title-page reads: E.A. Mason, T.H. Timmins, D.T. Morgan, and W.N. Bley"Issued: October 1966.""MIT-334-70 Reactor Technology."Also issued by T.H. Timmins and supervised by E.A. Mason as an Sc. D. thesis , Massachusetts Institute of Technology, Dept. of Nuclear Engineering, 1967Includes bibliographical references (pages A6.1-A6.7)MIT DSR Project no. 79819Work performed for the Savannah River Operations Office, U.S. Atomic Energy Commission under Contract no. AT(38-1)-33

Managing inventory and production capacity in start-up firms

We consider the problem of managing inventory and production capacity in a start-up manufacturing firm with the objective of maximising the probability of the firm surviving as well as the more common objective of maximising profit. Using Markov decision process models, we characterise and compare the form of optimal policies under the two objectives. This analysis shows the importance of coordination in the management of inventory and production capacity. The analysis also reveals that a start-up firm seeking to maximise its chance of survival will often choose to keep production capacity significantly below the profit-maximising level for a considerable time. This insight helps us to explain the seemingly cautious policies adopted by a real start-up manufacturing firm