Continuous-review inventory problem with random supply interruptions

Article Abstract:

A model for a continuous-review stochastic inventory problem with random demand and random supply interventions was developed based on a semi-Markov process. The continuous review model depicting the alternating renewal of semi-Markov process was based on the assumption that supplier availability occurs at random. A solution to the problem was developed based on the analysis of the expressions for the expected cycle costs and cycle length based on a system of linear renewal equations.

Production Planning & Control, Operations research, Management science, Models, Production control

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Deterministic models of perishable inventory with stock-dependent demand rate and nonlinear holding cost

Article Abstract:

An extended EOQ-type inventory model was developed as an extension of the existing models, such as Goh (1994), to account for the deterioration of items in an inventory where the amount of deterioration is dependent on the on-hand-inventory. Results reveal that an optimal solution is produced by the terminal circumstances in the stock-dependent demand-rate model when holding costs are nonlinear.

Inventory Control, Research, Management, Perishable goods, Demand functions (Economics), Demand functions

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