Deterministic inventory lot-size models under inflation with shortages and deterioration for fluctuating demand

Hui‐Ling Yang · Jinn‐Tsair Teng · Maw‐Sheng Chern

117 citations0/0 files storedNaval Research Logistics (NRL)

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

Abstract

In this paper, we extend the inventory lot-size models to allow for inflation and fluctuating demand (which is more general than constant, increasing, decreasing, and log-concave demand patterns). We prove that the optimal replenishment schedule not only exists but is also unique. Furthermore, we show that the total cost associated with the inventory system is a convex function of the number of replenishments. Hence, the search for the optimal number of replenishments is simplified to finding a local minimum. Finally, several numerical examples are provided to illustrate the results. © 2001 John Wiley & Sons, Inc. Naval Research Logistics 48: 144–158, 2001

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References

1975Economic Order Quantities with Inflation 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 1996Optimal EOQ Models for Deteriorating Items with Time-Varying Demand 1995An EOQ Model for Deteriorating Items with Linear Time-dependent Demand Rate and Shortages under Inflation and Time Discounting 1984On (T, Si) Policy Inventory Model for Deteriorating Items with Time Proportional Demand 1997An EOQ model with stock-dependent demand, shortage, inflation and time discounting 1979A note on optimal inventory management under inflation

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2004Retailer’s optimal pricing and lot-sizing policies for deteriorating items with partial backlogging 2018State-of-the-art literature review on inventory models for perishable products 2007Partial backlogging inventory lot-size models for deteriorating items with fluctuating demand under inflation 2011Optimal policy for deteriorating items with trapezoidal type demand and partial backlogging 2018

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