Optimal inventory replenishment models for deteriorating items taking account of time discounting

Optimal inventory replenishment models for deteriorating items taking account of time discounting

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Article ID: iaor20012161
Country: United Kingdom
Volume: 28
Issue: 1
Start Page Number: 67
End Page Number: 83
Publication Date: Jan 2001
Journal: Computers and Operations Research
Authors: ,
Keywords: deteriorating items
Abstract:

This paper follows the discounted cash flow approach to investigate inventory replenishment problem for deteriorating items taking account of time value of money over a fixed planning horizon. We develop models and optimal solutions with complete backlogging and without backlogging and prove that the total variable cost is convex. The results are discussed through numerical examples. Sensitivity analysis of the optimal solution with respect to the parameters of the system is carried out.

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