Inventory model of deteriorating items on non-periodic discrete-time domains

Ferhan M. Atıcı, Alex Lebedinsky and Fahriye Uysal

European Journal of Operational Research, 2013, vol. 230, issue 2, 284-289

Abstract: In this paper, we demonstrate how to model a discrete-time dynamic process on a non-periodic time domain with applications to operations research. We introduce a discrete-time model of inventory with deterioration on domains where time points may be unevenly spaced over a time interval. We formalize the average cost function composed of storage, depreciation and back-ordering costs. The optimal condition is given to locate the optimal point that minimizes the average cost function. Finally, we present simulations to demonstrate how a manager can use this model to make inventory decisions.

Keywords: Discrete calculus; Deterministic inventory models; Optimization (search for similar items in EconPapers)
Date: 2013
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:ejores:v:230:y:2013:i:2:p:284-289

DOI: 10.1016/j.ejor.2013.04.043

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