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Optimal inventory policies for uniform replenishment systems with time-dependent demand

Author

Listed:
  • J. Sicilia
  • M. González-De-la-Rosa
  • J. Febles-Acosta
  • D. Alcaide-López-de-Pablo

Abstract

This study develops an analysis of lot size inventory systems where the replenishment rate is uniform and demand follows a power demand pattern. Shortages are not allowed. Holding cost, replenishing cost and purchasing cost are considered in inventory system control. The objective of the study is to find the economic production quantity that minimises total inventory cost per unit of time. We conclude that optimal inventory policies depend on the demand pattern index chosen to represent customer demand. Theoretical results are illustrated with a business case study. A sensitivity analysis is proposed to describe the optimal policy behaviour.

Suggested Citation

  • J. Sicilia & M. González-De-la-Rosa & J. Febles-Acosta & D. Alcaide-López-de-Pablo, 2015. "Optimal inventory policies for uniform replenishment systems with time-dependent demand," International Journal of Production Research, Taylor & Francis Journals, vol. 53(12), pages 3603-3622, June.
  • Handle: RePEc:taf:tprsxx:v:53:y:2015:i:12:p:3603-3622
    DOI: 10.1080/00207543.2014.983618
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    Cited by:

    1. San-José, Luis A. & Sicilia, Joaquín & Cárdenas-Barrón, Leopoldo Eduardo & González-de-la-Rosa, Manuel, 2024. "A sustainable inventory model for deteriorating items with power demand and full backlogging under a carbon emission tax," International Journal of Production Economics, Elsevier, vol. 268(C).

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