Optimal Replenishment Policies for Deteriorating Items Based on the Forecasting Method of Grey Model

Shou-feng Ji (), Hai-yan Lan and Jin-huan Tang
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Shou-feng Ji: Northeastern University
Hai-yan Lan: Northeastern University
Jin-huan Tang: Northeastern University

A chapter in Proceedings of 20th International Conference on Industrial Engineering and Engineering Management, 2013, pp 789-797 from Springer

Abstract: Abstract The collected and forecasting profit model was briefly introduced focus on a series of conditions such as limited inventory, stochastic replenishment periods, uncertain of whether lending stock and service level constraint. Then determinate the optimal replenishment quantity and optimal policy and utilize MATLB real-time simulation to analyze how lending stock rate and stochastic replenishment periods effluence the profit finally it is proved that model is validated to the policy.

Keywords: Deteriorating items; Limited stock; Real-time simulation; Service level constraint; Stochastic replenishment periods (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-642-40063-6_78

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DOI: 10.1007/978-3-642-40063-6_78

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