Inventory model for an inventory system with time-varying demand rate

Michinori Sakaguchi

International Journal of Production Economics, 2009, vol. 122, issue 1, 269-275

Abstract: The standard inventory problems of the multi-period have been modeled under different situations. Specifically we have considered the demand subjects of a continuous distribution and a discrete distribution, and whether the demand of each period is unchanged or not. A method to get an economic order quantity in inventory systems with discrete and unchanged demand was presented in a previous paper, and this method has been generalized to an inventory model with varying continuous demand. However, it was not achieved due to there being many classified cases in the general situations. In this article the above method is discussed in the case discrete demand to determine whether it increases or decreases from period to period. A theoretical method is presented by using previous results and some examples are given which suggest how the concept can handle on inventory system. In order to make the decision, an algorithm is also presented under some conditions, and examples are shown by using the computer software program, Mathematica, which helps to explain the findings. In general cases, we view the optimal policy in the inventory problems in only a few periods.

Keywords: Inventory; model; Probabilistic; demand; Dynamic; programming; and; economic; order; quantity (search for similar items in EconPapers)
Date: 2009
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Citations: View citations in EconPapers (2)

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