Inventory models with managerial policy independent of demand

Inventory models with managerial policy independent of demand

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Article ID: iaor20112904
Volume: 211
Issue: 3
Start Page Number: 520
End Page Number: 524
Publication Date: Jun 2011
Journal: European Journal of Operational Research
Authors:
Keywords: demand
Abstract:

This paper is an extension of two papers. The first of these, published in European Journal of Operational Research, 2007, 112–120 is by and concerns inventory models for deteriorating items with ramp type demand. The second, published in Computer & Industrial Engineering, 2009, 1296–1300 is by and concerns inventory models for deteriorating items with trapezoidal type demand. The purpose of this paper is threefold. First, this paper will show that the optimal solution is independent of the demand considered in the two previous papers. Second, several replenishment cycles were considered during the finite time horizon, to balance the set‐up cost with the sum of the deteriorated cost, holding cost, and shortage cost. Third, this paper will examine the same numerical example in to show that this new approach will result in the saving of 84.39%.

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