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A time dependent continuous review inventory model with compound poisson demand

โœ Scribed by P. Banerjee; A. Hamidi-Noori; W. Knight

Publisher
John Wiley and Sons
Year
1985
Tongue
English
Weight
426 KB
Volume
32
Category
Article
ISSN
0894-069X

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โœฆ Synopsis

Abstract

We discuss a time dependent optimal ordering policy for a finite horizon inventory system for which the provision of service is essential and thus no stockout is allowed. It is assumed that the system can place an order at any point in time during the horizon when it cannot meet the customer's demand and that lead time is negligible. The demand is considered to be distributed as a compound Poisson process with known parameters and the functional equation approach of dynamic programming is used to formulate the objective function. An algorithm has been developed to obtain the solution for all the cases. In addition, analytical solutions of the basic equation under two limiting conditions are presented.

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