Optimum inventory policies with discrete time proportional demand, discrete replenishment opportunities and different optimizing criteria
type: Item
instance of: scholarly article
title: Optimum inventory policies with discrete time proportional demand, discrete replenishment opportunities and different optimizing criteria
zbMATH Open document ID: 0569.90018
DOI: 10.1016/0377-2217(85)90037-2
published in: European Journal of Operational Research
publication date: 1985-01-01T00:00:00Z
review text: This paper extends the deterministic, single product, dynamic EOQ model to the case where demand increases linearly with time but at discrete time points and where the number of replenishments is also discrete. The problem is to find the number of orders and the replenishment schedule that will either maximize the return on the investment on inventory or minimize inventory costs. The proposed solution to either problem requires to first find the replenishment schedule that will minimize the total inventory throughout the planning horizon, for a given number of orders and then find the optimal number of replenishment points. The solution algorithms exploit the discrete nature of the demand and do not require the decomposability property of dynamic programming. This is particularly important in the return on investment case, where decomposability cannot be achieved.
Mathematics Subject Classification ID: 90B05
zbMATH DE Number: 3910092
zbMATH Keywords: discrete time proportional demand
zbMATH Keywords: investment
zbMATH Keywords: finance
zbMATH Keywords: deterministic, single product, dynamic EOQ model
zbMATH Keywords: optimal number of replenishment points
author: Francisco J. Arcelus
author: Gopalan Srinivasan
MaRDI profile type: Publication
full work available at URL: 0377-2217(85)90037-2
OpenAlex ID: W1982747898
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description: scientific article; zbMATH DE number 3910092