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Static and Dynamic Inventory Models under Inflation, Time Value of Money and Permissible Delay in Payment Babak Khorrami In this research a number of mathematical models were developed for static and dynamic deterministic single-item inventory systems. Economic factors such as inflation, time value of money and permissible delay in payment were considered in developing the models. Nonlinear optimization techniques were used to obtain the optimal policies for the systems. First, a static single-item inventory model was considered in which shortages are allowed and a delay is permitted in payment. In this case, suppliers allow the customers to settle their accounts after a fixed delay period during which no interest is charged. An extension of the model was then considered in which all cost components of the model are subject to inflation and discounting, with constant rates over the planning horizon. The mathematical model of the system was developed and a nonlinear optimization technique, Hooke and Jeeves search method, was used to obtain the optimal policies for the system. A dynamic deterministic single-item inventory model was also considered in which the demand was assumed to be a linear function of time. Suppliers allow for a delay in payment and the cost components are subject to inflation and discounting with constant rates and continuous compounding. The Golden search technique was used to obtain the optimum length of replenishment cycle such that the total cost is minimized. Computer applications using Visual Basic and Mathematica were developed and several numerical examples were solved.

Static and dynamic inventory models under inflation, time value of money and permissible delay in payment