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A discrete-in-time inventory model with deterioration and backlog

A discrete-in-time inventory model with deterioration and backlog A new inventory control system with a constant rate of customer demand is studied. Any physical inventory experiences a constant rate of deterioration and any unsatisfied demand is completely backlogged. Time is treated as a discrete variable, whereas a practical point of view is taken into account by allowing the time at which the physical inventory level goes to zero to be a non-integer. A closed-form equation is derived to compute the optimal solution, while no closed-form solution was presented in literature. This greatly reduces the computational efforts and makes sensitivity analysis possible. Some very useful insights are provided into sensitivity analysis. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png International Journal of Services Operations and Informatics Inderscience Publishers

A discrete-in-time inventory model with deterioration and backlog

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Publisher
Inderscience Publishers
Copyright
Copyright © Inderscience Enterprises Ltd. All rights reserved
ISSN
1741-539X
eISSN
1741-5403
DOI
10.1504/IJSOI.2012.048805
Publisher site
See Article on Publisher Site

Abstract

A new inventory control system with a constant rate of customer demand is studied. Any physical inventory experiences a constant rate of deterioration and any unsatisfied demand is completely backlogged. Time is treated as a discrete variable, whereas a practical point of view is taken into account by allowing the time at which the physical inventory level goes to zero to be a non-integer. A closed-form equation is derived to compute the optimal solution, while no closed-form solution was presented in literature. This greatly reduces the computational efforts and makes sensitivity analysis possible. Some very useful insights are provided into sensitivity analysis.

Journal

International Journal of Services Operations and InformaticsInderscience Publishers

Published: Jan 1, 2012

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