A demand independent inventory model
DOI:
https://doi.org/10.2298/YJOR120127021LKeywords:
inventory model, deteriorating item, partially backloggedAbstract
This paper is an extension of Deng et al. (2007) that was published in the European Journal of Operational Research. We have generalized their model from ramp type demand to arbitrary positive demand while theoretically discovering an important phenomenon: the optimal solution is actually independent of the demand as pointed out by Wou (2010), Hung (2011) and Lin (2011). We extend their inventory models in which the deteriorated rate is any non-negative function and backlog rate is inversely linearly related to the waiting time. Our findings will provide a new inventory system to help decision makers decide the optimal ordering quantity and replenishment policy.References
Cheng, M., and Wang, G., “A note on the inventory model for deteriorating items with trapezoidal type demand rate”, Computers & Industrial Engineering, 56 (2009) 1296-1300.
Deng, P. S., “Improved inventory models with ramp type demand and Weibull deterioration”, International Journal of Information and Management Sciences, 16 (4) (2005) 79-86.
Deng, P. S., Lin, R., and Chu, P., “A note on the inventory models for deteriorating items with ramp type demand rate”, European Journal of Operational Research, 178 (2007) 112-120.
Hill, R. M., “Inventory models for increasing demand followed by level demand”, Journal of the Operational Research Society, 46 (10) (1995) 1250-1259.
Hung, K. C., “An inventory model with generalized type demand, deterioration and backorder rates”, European Journal of Operational Research, 208 (2011) 239-242.
Hung, K. C., “Continuous review inventory models under time value of money and crashable lead time consideration”, Yugoslav Journal of Operations Research, 21 (2) (2011) 293-306.
Lin, J., Chao, H. C. J., and Julian, P., “Improved solution process for inventory model with ramp type demand under stock dependent consumption rate”, Journal of the Chinese Institute of Industrial Engineers, 29 (4) (2012) 2219-225.
Lin, S. W., “Inventory models with managerial policy independent of demand”, European Journal of Operational Research, 211 (2011) 520-524.
Roy, T., and Chaudhuri, K. S., “An EPLS model for a variable production rate with stock price sensitive demand and deterioration”, Yugoslav Journal of Operations Research, 22 (1) (2012) 19-30.
Skouri, K., Konstantaras, I., Papachristos, S., and Ganas, I., “Inventory models with ramp type demand rate, partial backlogging and Weibull deterioration rate”, European Journal of Operational Research, 192 (2009) 79-92.
Mandal, B., and Pal, A. K., “Order level inventory system with ramp type demand rate for deteriorating items”, Journal of Interdisciplinary Mathematics, 1 (1998) 49-66.
Wou, Y. W., “Note on Inventory Model with a Stochastic Demand”, ICCCI 2010, Part I, LNAI 6421, Springer-Verlag, Berlin Heidelberg, (2010) 260-264.
Wu, J. W., Lin, C., Tan, B., and Lee, W. C., “An EOQ model with ramp type demand rate for items with Weibull deterioration”, Information and Management Sciences, 10 (3) (1999) 41-51.
Wu, K. S., “An EOQ inventory model for items with Weibull distribution deterioration, ramp type demand rate and partial backlogging”, Production Planning and Control, 12 (2001) 787-793.
Wu, K. S., and Ouyang, L. Y., “A replenishment policy for deteriorating items with ramp type demand rate”, Proceeding of National Science Council ROC (A), 24 (2000) 279-286.
Wu, K. S., Ouyang, L. Y., and Yang, C. T., 2008, “Retailer’s optimal ordering policy for deteriorating items with ramp-type demand under stock-dependent consumption rate”, International Journal of Information and Management Sciences, 19 (2008) 245-262.
Wu, J. K. J., Lei, H. L., Jung, S. T., and Chu, P., “Newton method for determining the optimal replenishment policy for EPQ model with present value”, Yugoslav Journal of Operations Research, 18 (1) (2008) 53-61.
Yadav, D., Singh, S. R., and Kumari, R., “Inventory model of deteriorating items with two warehouse and stock dependent demand using genetic algorithm in fuzzy environment”, Yugoslav Journal of Operations Research, 22 (1) (2012) 51-78.
Yang, G. K., Lin, R., Lin, J., Hung, K. C., Chu, P., and Chouhuang, W., “Note on inventory models with Weibull distribution deterioration”, Production Planning & Control, 22 (4) (2011) 437-444.
Downloads
Published
Issue
Section
License
Copyright (c) 2013 YUJOR
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
