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Stochastic lot-sizing model for deteriorating items under partial backlogging

Stochastic lot-sizing model for deteriorating items under partial backlogging A finite horizon deteriorating inventory model is studied. The system is under periodic review and there is a positive fixed order cost associated with any placed order. Customer demand is stochastic and a constant fraction of any positive leftover stock is deteriorated at the end of each period. Any unsatisfied demand is partially backlogged and fulfilled immediately as a new order arrives. This research is distinguished from most literature by considering the effects of deterioration and partial backlogging under stochastic customer demand. The optimal conditions under which a ( s, S ) policy holds are successfully derived and the explicit order quantities are obtained by reformulating the problem as a stochastic programming model. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png International Journal of Services Operations and Informatics Inderscience Publishers

Stochastic lot-sizing model for deteriorating items under partial backlogging

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References (45)

Publisher
Inderscience Publishers
Copyright
Copyright © Inderscience Enterprises Ltd. All rights reserved
ISSN
1741-539X
eISSN
1741-5403
DOI
10.1504/IJSOI.2012.048790
Publisher site
See Article on Publisher Site

Abstract

A finite horizon deteriorating inventory model is studied. The system is under periodic review and there is a positive fixed order cost associated with any placed order. Customer demand is stochastic and a constant fraction of any positive leftover stock is deteriorated at the end of each period. Any unsatisfied demand is partially backlogged and fulfilled immediately as a new order arrives. This research is distinguished from most literature by considering the effects of deterioration and partial backlogging under stochastic customer demand. The optimal conditions under which a ( s, S ) policy holds are successfully derived and the explicit order quantities are obtained by reformulating the problem as a stochastic programming model.

Journal

International Journal of Services Operations and InformaticsInderscience Publishers

Published: Jan 1, 2012

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