A discrete-in-time inventory model with deterioration and backlog
by Yang Tan; Michael X. Weng
International Journal of Services Operations and Informatics (IJSOI), Vol. 7, No. 1, 2012

Abstract: A new inventory control system with a constant rate of customer demand is studied. Any physical inventory experiences a constant rate of deterioration and any unsatisfied demand is completely backlogged. Time is treated as a discrete variable, whereas a practical point of view is taken into account by allowing the time at which the physical inventory level goes to zero to be a non-integer. A closed-form equation is derived to compute the optimal solution, while no closed-form solution was presented in literature. This greatly reduces the computational efforts and makes sensitivity analysis possible. Some very useful insights are provided into sensitivity analysis.

Online publication date: Sat, 27-Dec-2014

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