Deterministic economic order quantity models with partial backlogging when demand and cost are fluctuating with time

J-T Teng · H-L Yang

63 citations0/0 files storedJournal of the Operational Research Society

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Supply Chain and Inventory Management Sustainable Supply Chain Management Optimization and Mathematical Programming

Abstract

In today's time-based competition, the unit cost of a high-tech product declines significantly over its short life cycle while its demand increases. In this paper, we extend the classical economic order quantity model to allow for not only time-varying demand but also fluctuating unit cost. In addition, we also allow for shortages and partial backlogging. We then prove that the optimal replenishment schedule not only exists but also is unique. In addition, we also show that the total cost is a convex function of the number of replenishments, which simplifies the search for the optimal number of replenishments to find a local minimum. Moreover, we further simplify the search process by providing an intuitively good starting search point.

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References

2001Recent trends in modeling of deteriorating inventory 1977Inventory Replenishment Policy for a Linear Trend in Demand—An Analytical Solution 1981(T, Si) Policy Inventory Model for Deteriorating Items with Time Proportional Demand 1988OPERATION S MANAGEMENT 1999An EOQ model for deteriorating items with time varying demand and partial backlogging 1996Optimal EOQ Models for Deteriorating Items with Time-Varying Demand 1984On (T, Si) Policy Inventory Model for Deteriorating Items with Time Proportional Demand 2000An optimal replenishment policy for deteriorating items with time-varying demand and partial–exponential type – backlogging

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