Journal
COMPUTERS & INDUSTRIAL ENGINEERING
Volume 54, Issue 2, Pages 301-314Publisher
PERGAMON-ELSEVIER SCIENCE LTD
DOI: 10.1016/j.cie.2007.07.011
Keywords
inventory; deterioration; ramp-type time dependent demand
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A single item order level inventory model for a seasonal product is discussed where the demand rate is represented by a ramp-type time dependent function. A constant fraction of on hand inventory deteriorates per unit time. Shortages are not allowed. The model is developed over a finite time horizon (time period of a season) to determine optimal replenishment policy by minimizing total system running cost of entire season. An algorithm is provided to find the solution of the problem. A numerical example is presented and sensitivity analysis of the model is carried out. The rationale for time dependent ramp-type demand is also discussed. (c) 2007 Elsevier Ltd. All rights reserved.
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