International Journal of Systems Science · 2002 · 47 citations · 10 references
ManagementIndustrial EngineeringOperations ManagementInventory ControlInventory ManagementProduction PlanningInventory OptimizationInventory Replenishment SystemsInventory SystemsInventory TheoryReplenishment PlanningTime Value Of MoneyDeterioration ModelingFinite-horizon Inventory ModelsFinite-horizon OptimizationInventory Cost OptimizationInventory Cost ReductionInventory Models With ShortagesInventory Replenishment ModelsReplenishment
A varying deterioration rate, time-value of money and the condition of permissible delay in payments used in conjunction with the EOQ model are the focus of discussion. The replenishment number and fraction of each cycle in which there is no shortage are both determined to minimize the present value of inventory cost over a finite planning horizon. Two special cases and numerical examples are presented to illustrate the model.
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