An inventory model for deteriorating items with time-proportional demand and shortages under inflation and time discounting

Article Abstract:

A generalized dynamic programming model was utilized to study inventory items with Weibull distributed deterioration. The model not only takes into consideration a demand rate that is presumed to be time-proportional, but also the impact of inflation and time-value of money. Application of the model showed its effectiveness in yielding solutions that are more efficient than those produced by other optimization models with fixed order intervals and fixed service levels.

Research and Development in the Physical, Engineering, and Life Sciences, Mathematics, Models, Optimization theory, Mathematical programming

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Discounted costs, obsolescence and planned stockouts with the EOQ formula

Article Abstract:

A simple approach based on the total discounted cost or revenue was developed to handle the problem of managing inventories that are subject to obsolescence. Several extensions to Wilson's formula were proposed to address the more complex obsolescence distribution principles and cater to partial backlogging. A further generalization of the approach may be done to handle inventory systems and multilevel production.

Economic aspects, Depreciation

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