An inventory model with generalized type demand, deterioration and backorder rates

An inventory model with generalized type demand, deterioration and backorder rates

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Article ID: iaor20108330
Volume: 208
Issue: 3
Start Page Number: 239
End Page Number: 242
Publication Date: Feb 2011
Journal: European Journal of Operational Research
Authors:
Keywords: demand
Abstract:

This study is motivated by the paper of Skouri et al. (2009). We extend their inventory model from ramp type demand rate and Weibull deterioration rate to arbitrary demand rate and arbitrary deterioration rate in the consideration of partial backorder. We demonstrate that the optimal solution is actually independent of demand. That is, for a finite time horizon, any attempt at tackling targeted inventory models under ramp type or any other types of the demand becomes redundant. Our analytical approach dramatically simplifies the solution procedure.

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