Deterministic inventory lot‐size models under inflation with shortages and deterioration for fluctuating demand

Hui‐Ling Yang, Jinn‐Tsair Teng and Maw‐Sheng Chern

Naval Research Logistics (NRL), 2001, vol. 48, issue 2, 144-158

Abstract: In this paper, we extend the inventory lot‐size models to allow for inflation and fluctuating demand (which is more general than constant, increasing, decreasing, and log‐concave demand patterns). We prove that the optimal replenishment schedule not only exists but is also unique. Furthermore, we show that the total cost associated with the inventory system is a convex function of the number of replenishments. Hence, the search for the optimal number of replenishments is simplified to finding a local minimum. Finally, several numerical examples are provided to illustrate the results. © 2001 John Wiley & Sons, Inc. Naval Research Logistics 48: 144–158, 2001

Date: 2001
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https://doi.org/10.1002/1520-6750(200103)48:23.0.CO;2-8

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Persistent link: https://EconPapers.repec.org/RePEc:wly:navres:v:48:y:2001:i:2:p:144-158

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