Optimal replenishment policies for non-instantaneous deteriorating items with stock-dependent demand

Chun-Tao Chang, Jinn-Tsair Teng and Suresh Kumar Goyal

International Journal of Production Economics, 2010, vol. 123, issue 1, 62-68

Abstract: Wu et al. [2006. An optimal replenishment policy for non-instantaneous deteriorating items with stock-dependent demand and partial backlogging. International Journal of Production Economics 101, 369-384] established an inventory model for non-instantaneous deteriorating items with stock-dependent demand, and obtained the optimal replenishment policy. In this paper, we first amend Wu et al.'s model by changing the objective to maximizing the total profit. Secondly, we set a maximum inventory level in the model to reflect the facts that most retail outlets have limited shelf space. Thirdly, we relax the restriction of zero ending inventory when shortages are not desirable. We then establish the theoretical results and provide an algorithm to find the optimal solution. Finally, we present some numerical examples to illustrate the results.

Keywords: Inventory; Non-instantaneous; deterioration; Stock-dependent; demand (search for similar items in EconPapers)
Date: 2010
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Citations: View citations in EconPapers (40)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:proeco:v:123:y:2010:i:1:p:62-68

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