An optimal recursive method for various inventory replenishment models with increasing demand and shortages

✍ Scribed by Jinn-Tsair Teng; Maw-Sheng Chern; Hui-Ling Yang

• Publisher: John Wiley and Sons
• Year: 1997
• Tongue: English
• Weight: 129 KB
• Volume: 44
• Category: Article
• ISSN: 0894-069X
• DOI: 10.1002/(sici)1520-6750(199712)44:8<791::aid-nav6>3.0.co;2-5

✦ Synopsis

We establish various inventory replenishment policies to solve the problem of determining the timing and number of replenishments. We then analytically compare various models, and identify the best alternative among them based on minimizing total relevant costs. Furthermore, we propose a simple and computationally efficient optimal method in a recursive fashion, and provide two examples for illustration.