| Article ID: | iaor20072724 |
| Country: | South Korea |
| Volume: | 33 |
| Issue: | 1 |
| Start Page Number: | 26 |
| End Page Number: | 32 |
| Publication Date: | Jan 2007 |
| Journal: | Journal of the Korean Institute of Industrial Engineers |
| Authors: | Hwang Hark, Jung Ki Seung |
| Keywords: | economic order |
This study deals with waiting-time dependent backordering rate during stock-out period in the Economic Production Quantity model. Assuming that the backordering rate follows an exponentially decreasing function of the waiting time, the backorder rate is developed under First-Come-First-Served and Last-Come-First-Served policy. The mathematical models are developed based on differential equations. Through numerical examples, the validity of the developed models is illustrated.