DETERMINISTIC INVENTORY SYSTEMS WITH POWER DEMAND PATTERN

Joaquín Sicilia (), Jaime Febles-Acosta () and Manuel González- de La Rosa ()
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Joaquín Sicilia: Departamento de Estadística, Investigación Operativa y Computación, Universidad de La Laguna, Tenerife 38271, Islas Canarias, Spain
Jaime Febles-Acosta: Departamento de Economía y Dirección de Empresas, Instituto Universitario de La Empresa (IUDE), Universidad de La Laguna, Tenerife 38271, Islas Canarias, Spain
Manuel González- de La Rosa: Departamento de Economía y Dirección de Empresas, Universidad de La Laguna, Tenerife 38271, Islas Canarias, Spain

Asia-Pacific Journal of Operational Research (APJOR), 2012, vol. 29, issue 05, 1-28

Abstract: This paper presents a detailed analysis of inventory systems in which the demand for inventory is deterministic, varies by time in each order cycle, and follows a power pattern. Shortages are allowed. The decision variables are the initial stock level and the scheduling period. Holding cost, shortage cost, and replenishment cost are considered. Several scenarios are studied. First, the inventory system without shortages is analyzed, followed by systems with shortages. The full backordering and the completely lost sales systems are discussed and the optimal policy for each is explicitly determined. Several numerical examples are provided to illustrate the efficient inventory policy and the minimum cost for each inventory system.

Keywords: Inventory system; scheduling period; initial stock level; shortages; power demand pattern (search for similar items in EconPapers)
Date: 2012
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Citations: View citations in EconPapers (9)

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DOI: 10.1142/S021759591250025X

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