DETERMINISTIC INVENTORY SYSTEMS WITH POWER DEMAND PATTERN

Joaquı́n Sicilia · Jaime Febles-Acosta · Manuel González-de-la-Rosa

40 citations0/0 files storedAsia Pacific Journal of Operational Research

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

Abstract

This paper presents a detailed analysis of inventory systems in which the demand for inventory is deterministic, varies by time in each order cycle, and follows a power pattern. Shortages are allowed. The decision variables are the initial stock level and the scheduling period. Holding cost, shortage cost, and replenishment cost are considered. Several scenarios are studied. First, the inventory system without shortages is analyzed, followed by systems with shortages. The full backordering and the completely lost sales systems are discussed and the optimal policy for each is explicitly determined. Several numerical examples are provided to illustrate the efficient inventory policy and the minimum cost for each inventory system.

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References

1964Analysis of Inventory Systems.1958Dynamic Version of the Economic Lot Size Model 2004Dynamic Version of the Economic Lot Size Model 2000Foundations of Inventory Management 1977Inventory Replenishment Policy for a Linear Trend in Demand—An Analytical Solution 2005An optimal replenishment policy for non-instantaneous deteriorating items with stock-dependent demand and partial backlogging 1988A Deterministic Inventory System with an Inventory-Level-Dependent Demand Rate 1993Inventory Control and Management

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