A general and optimal approach for three inventory models with a linear trend in demand

A general and optimal approach for three inventory models with a linear trend in demand

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Article ID: iaor20082117
Country: Netherlands
Volume: 52
Issue: 4
Start Page Number: 521
End Page Number: 532
Publication Date: May 2007
Journal: Computers & Industrial Engineering
Authors: ,
Keywords: batching
Abstract:

This study provides a general and simple algorithm to obtain an optimal solution for three inventory models with a replenishment batching policy, production batching policy, and an integrated replenishment/production batching policy in a manufacturing system, under a finite time horizon and linear trend in demand. This study determines the replenishment or production schedule with one general equation for these three problems and provides fully theoretical proofs for relaxing some of the conjectures in previous studies. A general and explicit procedure to derive the optimal solution for these three inventory models is presented, while considering both linearly increasing and decreasing demands. In addition, demonstrations of applicability are performed.

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