| Article ID: | iaor2001609 |
| Country: | United Kingdom |
| Volume: | 10 |
| Issue: | 2 |
| Start Page Number: | 165 |
| End Page Number: | 176 |
| Publication Date: | Mar 1999 |
| Journal: | IMA Journal of Mathematics Applied in Business and Industry |
| Authors: | Hill Roger M. |
| Keywords: | production |
Previously published papers have derived optimal policies for replenishing stock when demand is declining according to some deterministic law. Here we elaborate on that work, providing a full analysis, and extend the analysis back in time by considering the period of relatively level demand which is likely to have preceded the period of decline in demand. We show how optimal inventory replenishment policies extending back to this period of level demand can be derived.