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A Hierarchy of Deterministic Procurement—Inventory Systems

Author

Listed:
  • W. J. Fabrycky

    (Virginia Polytechnic Institute, Blacksburg, Virginia)

  • Jerry Banks

    (Georgia Institute of Technology, Atlanta, Georgia)

Abstract

The research results reported in this paper present a higher level generalization about deterministic procurement-inventory systems embracing multi-item and multisource characteristics. Lower ordered deterministic systems embracing single-item or single-source characteristics are also presented. Dynamic programming is used to find the optimal procurement and inventory policy for each system in the hierarchy.

Suggested Citation

  • W. J. Fabrycky & Jerry Banks, 1966. "A Hierarchy of Deterministic Procurement—Inventory Systems," Operations Research, INFORMS, vol. 14(5), pages 888-901, October.
    • Handle: RePEc:inm:oropre:v:14:y:1966:i:5:p:888-901
    DOI: 10.1287/opre.14.5.888
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