Novel Solution Method for Inventory Models with Stochastic Demand and Defective Units

Xu-Ren Luo, Chun-Hsiao Chu and Henry C. J. Chao

Mathematical Problems in Engineering, 2020, vol. 2020, 1-13

Abstract:

This paper is a response to two papers. We improve the lengthy proof for the first paper by an elegant verification. For the second paper, we point out the three-sequence approach will result in different convergent rates such that when the other two sequences are converged, the ordering quantity sequence may still not converge to the optimal solution. We construct a novel iterative method to simplify the previous approach proposed by the three-sequence approach for the optimal solution. By the same numerical examples of three published papers, we demonstrate that we can control our findings to converge more accurately than previous results. Moreover, we show that there are three distinct features of our proposed approach. (i) It converges to the desired solution within the preassigned threshold value. (ii) We estimate the convergent ratio. (iii) We find the dominant factors for our proposed convergent sequence.

Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:hin:jnlmpe:3528706

DOI: 10.1155/2020/3528706

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