A forward with backward inventory policy algorithm for nonlinear increasing demand and shortage backorders

Ririn Diar Astanti, Huynh Trung Luong, Hui Ming Wee and The Jin Ai

International Journal of Mathematics in Operational Research, 2018, vol. 13, issue 4, 492-512

Abstract: The traditional inventory policies have been developed for constant demand processes. In reality, demand is not always stable; it might have an increasing pattern. In this paper, a forward with backward inventory policy algorithm is developed to determine the operational parameters of an inventory system with a nonlinear increasing demand rate, shortage backorders and a finite planning horizon. Numerical experiments are also conducted to compare the results with the existing techniques and to illustrate the applicability of the proposed technique.

Keywords: inventory; nonlinear increasing demand pattern; shortage backorders; forward with backward inventory policy algorithm. (search for similar items in EconPapers)
Date: 2018
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