The Inventory Lot-Sizing Problem with Continuous Time-Varying Demand and Shortages

Moncer A. Hariga

45 citations0/0 files storedJournal of the Operational Research Society

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Supply Chain and Inventory Management Scheduling and Optimization Algorithms Optimization and Mathematical Programming

Abstract

In this study, we develop and analyse an optimal solution procedure for the inventory lot-sizing problem with a general class of time-varying demand functions. The objective of the procedure is to determine the optimal replenishment schedule over a finite planning horizon during which shortages are allowed and are completely backordered. We show that the procedure yields a unique optimal replenishment schedule for both increasing and decreasing demand patterns. We also discuss two particular cases of linear and non-linear demand trend models, and we illustrate the optimal solution procedure with four numerical examples.

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References

1991Survey of Literature on Continuously Deteriorating Inventory Models 1977Inventory Replenishment Policy for a Linear Trend in Demand—An Analytical Solution 1979A Simple Inventory Replenishment Decision Rule for a Linear Trend in Demand 1994Optimal and heuristic inventory replenishment models for deteriorating items with exponential time-varying demand 1987A Note on the Heuristic for Replenishment of Trended Inventories Considering Shortages 1979Inventory Replenishment Policy for Increasing Demand 1989A deterministic lot-size inventory model with shortages and a linear trend in demand 1984A Note on Determining Order Quantities with a Linear Trend in Demand

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