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Optimal policies for a finite-horizon batching inventory model

Author

Listed:
  • Talal M. Al-Khamis
  • Lakdere Benkherouf
  • Mohamed Omar

Abstract

This paper is concerned with finding an optimal inventory policy for the integrated replenishment-production batching model of Omar and Smith (2002). Here, a company produces a single finished product which requires a single raw material and the objective is to minimise the total inventory costs over a finite planning horizon. Earlier work in the literature considered models with linear demand rate function of the finished product. This work proposes a general methodology for finding an optimal inventory policy for general demand rate functions. The proposed methodology is adapted from the recent work of Benkherouf and Gilding (2009).

Suggested Citation

  • Talal M. Al-Khamis & Lakdere Benkherouf & Mohamed Omar, 2014. "Optimal policies for a finite-horizon batching inventory model," International Journal of Systems Science, Taylor & Francis Journals, vol. 45(10), pages 2196-2202, October.
    • Handle: RePEc:taf:tsysxx:v:45:y:2014:i:10:p:2196-2202
    DOI: 10.1080/00207721.2013.765056
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    Cited by:

    1. Lakdere Benkherouf & Konstantina Skouri & Ioannis Konstantaras, 2016. "Optimal Control of Production, Remanufacturing and Refurbishing Activities in a Finite Planning Horizon Inventory System," Journal of Optimization Theory and Applications, Springer, vol. 168(2), pages 677-698, February.
    2. M. Palanivel & R. Uthayakumar, 2016. "Two-warehouse inventory model for non-instantaneous deteriorating items with partial backlogging and inflation over a finite time horizon," OPSEARCH, Springer;Operational Research Society of India, vol. 53(2), pages 278-302, June.
    3. Konstantaras, Ioannis & Skouri, Konstantina & Benkherouf, Lakdere, 2021. "Optimizing inventory decisions for a closed–loop supply chain model under a carbon tax regulatory mechanism," International Journal of Production Economics, Elsevier, vol. 239(C).

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