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An optimal recursive method for various inventory replenishment models with increasing demand and shortages

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  • Jinn‐Tsair Teng
  • Maw‐Sheng Chern
  • Hui‐Ling Yang

Abstract

We establish various inventory replenishment policies to solve the problem of determining the timing and number of replenishments. We then analytically compare various models, and identify the best alternative among them based on minimizing total relevant costs. Furthermore, we propose a simple and computationally efficient optimal method in a recursive fashion, and provide two examples for illustration. © 1997 John Wiley & Sons, Inc. Naval Research Logistics 44: 791–806, 1997

Suggested Citation

  • Jinn‐Tsair Teng & Maw‐Sheng Chern & Hui‐Ling Yang, 1997. "An optimal recursive method for various inventory replenishment models with increasing demand and shortages," Naval Research Logistics (NRL), John Wiley & Sons, vol. 44(8), pages 791-806, December.
    • Handle: RePEc:wly:navres:v:44:y:1997:i:8:p:791-806
    DOI: 10.1002/(SICI)1520-6750(199712)44:83.0.CO;2-5
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    References listed on IDEAS

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    1. Thompson, Gerald L. & Sethi, Suresh P. & Teng, Jinn-Tsair, 1984. "Strong planning and forecast horizons for a model with simultaneous price and production decisions," European Journal of Operational Research, Elsevier, vol. 16(3), pages 378-388, June.
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    Cited by:

    1. S. K. Goyal & B. C. Giri, 2000. "Note on “An Optimal Recursive Method for Various Inventory Replenishment Models with Increasing Demand and Shortages” by Teng et al," Naval Research Logistics (NRL), John Wiley & Sons, vol. 47(7), pages 602-606, October.
    2. Hui‐Ling Yang & Jinn‐Tsair Teng & Maw‐Sheng Chern, 2001. "Deterministic inventory lot‐size models under inflation with shortages and deterioration for fluctuating demand," Naval Research Logistics (NRL), John Wiley & Sons, vol. 48(2), pages 144-158, March.

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