On an Inventory Model for Deteriorating Items With Increasing Time-varying Demand and Shortages

In this paper we present an exact solution for the inventory replenishment problem with shortages, in which items are deteriorating at a constant rate. The demand rates are increasing with time over a known and finite planning horizon. We also present a dynamic programming solution to the problem. B...

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Bibliographic Details
Published in:The Journal of the Operational Research Society 1996-01, Vol.47 (1), p.188-200
Main Authors: Benkherouf, Lakdere, Mahmoud, Mohammed G.
Format: Article
Language:English
Subjects:
Algorithms
Applied sciences
Business and Management
Cost efficiency
Cost functions
Cost structure
Demand
deteriorating items
Dynamic programming
Exact sciences and technology
Inventory control, production control. Distribution
Inventory management
inventory systems
Management
Mathematical models
Modeling
Operational research and scientific management
Operational research. Management science
Operations research
Operations Research/Decision Theory
Studies
Technical Note
Technical Papers
Total costs
Variable costs
Citations: Items that cite this one
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Description
Summary:In this paper we present an exact solution for the inventory replenishment problem with shortages, in which items are deteriorating at a constant rate. The demand rates are increasing with time over a known and finite planning horizon. We also present a dynamic programming solution to the problem. Both these methods provide a net improvement over existing methods.
ISSN:0160-5682
1476-9360
DOI:10.1057/jors.1996.17