Economic order quantity for a power demand pattern system with deteriorating items

Joaquín Sicilia, Jaime Febles-Acosta and Manuel González-De la Rosa

European Journal of Industrial Engineering, 2013, vol. 7, issue 5, 577-593

Abstract: In this paper we develop a mathematical model to study optimal replenishment policy for an economic order quantity system considering items with deterioration. Demand is time dependent and follows a power pattern. The system operates over an infinite planning horizon. Replenishment is instantaneous and lot size is constant. The aim of the paper is to minimise the inventory average total cost per unit time. We propose a procedure for determining the efficient policy and the minimum inventory cost. Numerical examples are provided to illustrate the proposed model. [Received 11 June 2011; Revised 6 January 2012; Accepted 4 February 2012]

Keywords: inventory systems; economic lot sizing; power demand patterns; deteriorating items; economic order quantity; EOQ; mathematical modelling; optimal replenishment policy; inventory cost. (search for similar items in EconPapers)
Date: 2013
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Citations: View citations in EconPapers (6)

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