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An optimal recursive method for various inventory replenishment models with increasing demand and shortages
Author(s) -
Teng JinnTsair,
Chern MawSheng,
Yang HuiLing
Publication year - 1997
Publication title -
naval research logistics (nrl)
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.665
H-Index - 68
eISSN - 1520-6750
pISSN - 0894-069X
DOI - 10.1002/(sici)1520-6750(199712)44:8<791::aid-nav6>3.0.co;2-5
Subject(s) - economic shortage , computer science , operations research , mathematical optimization , simple (philosophy) , inventory cost , inventory control , mathematics , supply chain , business , epistemology , marketing , linguistics , philosophy , government (linguistics)
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. © 1997 John Wiley & Sons, Inc. Naval Research Logistics 44: 791–806, 1997