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Inventory model of deteriorating items on non-periodic discrete-time domains

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  • Atıcı, Ferhan M.
  • Lebedinsky, Alex
  • Uysal, Fahriye

Abstract

In this paper, we demonstrate how to model a discrete-time dynamic process on a non-periodic time domain with applications to operations research. We introduce a discrete-time model of inventory with deterioration on domains where time points may be unevenly spaced over a time interval. We formalize the average cost function composed of storage, depreciation and back-ordering costs. The optimal condition is given to locate the optimal point that minimizes the average cost function. Finally, we present simulations to demonstrate how a manager can use this model to make inventory decisions.

Suggested Citation

  • Atıcı, Ferhan M. & Lebedinsky, Alex & Uysal, Fahriye, 2013. "Inventory model of deteriorating items on non-periodic discrete-time domains," European Journal of Operational Research, Elsevier, vol. 230(2), pages 284-289.
    • Handle: RePEc:eee:ejores:v:230:y:2013:i:2:p:284-289
    DOI: 10.1016/j.ejor.2013.04.043
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    References listed on IDEAS

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    1. Goyal, S. K. & Giri, B. C., 2003. "The production-inventory problem of a product with time varying demand, production and deterioration rates," European Journal of Operational Research, Elsevier, vol. 147(3), pages 549-557, June.
    2. Balkhi, Zaid T. & Benkherouf, Lakdere, 1996. "A production lot size inventory model for deteriorating items and arbitrary production and demand rates," European Journal of Operational Research, Elsevier, vol. 92(2), pages 302-309, July.
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    Cited by:

    1. Janssen, Larissa & Claus, Thorsten & Sauer, Jürgen, 2016. "Literature review of deteriorating inventory models by key topics from 2012 to 2015," International Journal of Production Economics, Elsevier, vol. 182(C), pages 86-112.
    2. Wang, Wan-Chih & Teng, Jinn-Tsair & Lou, Kuo-Ren, 2014. "Seller’s optimal credit period and cycle time in a supply chain for deteriorating items with maximum lifetime," European Journal of Operational Research, Elsevier, vol. 232(2), pages 315-321.

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