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Another inventory model with a mixture of backorders and lost sales

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  • Kyung S. Park

Abstract

This article presents another inventory model for situations in which, during the stockout period, a fraction b of the demand is backordered and the remaining fraction 1 − b is lost. By defining a time‐proportional backorder cost and a fixed penalty cost per unit lost, a unimodal objective function representing the average annual cost of operating the inventory system is obtained. The optimal operating policy variables are calculated directly.

Suggested Citation

  • Kyung S. Park, 1983. "Another inventory model with a mixture of backorders and lost sales," Naval Research Logistics Quarterly, John Wiley & Sons, vol. 30(3), pages 397-400, September.
    • Handle: RePEc:wly:navlog:v:30:y:1983:i:3:p:397-400
    DOI: 10.1002/nav.3800300304
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