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Optimal Policy for a Deteriorating Inventory Model with Finite Replenishment Rate and with Price Dependant Demand Rate and Cycle Length Dependant Price

Sabahno, Hamed LU orcid (2008) In World Academy of Science, Engineering and Technology, Open Science Index 20, International Journal of Industrial and Manufacturing Engineering 2(8). p.963-967
Abstract
In this paper, an inventory model with finite and constant replenishment rate, price dependant demand rate, time value of money and inflation, finite time horizon, lead time and exponential deterioration rate and with the objective of maximizing the present worth of the total system profit is developed. Using a dynamic programming based solution algorithm, the optimal sequence of the cycles can be found and also different optimal selling prices, optimal order quantities and optimal maximum inventories can be obtained for the cycles with unequal lengths, which have never been done before for this model. Also, a numerical example is used to show accuracy of the solution procedure.
Please use this url to cite or link to this publication:
author
publishing date
type
Contribution to journal
publication status
published
subject
keywords
Dynamic programming, Deteriorating items, Finite replenishment rate,, Inventory control, Operation Research
in
World Academy of Science, Engineering and Technology, Open Science Index 20, International Journal of Industrial and Manufacturing Engineering
volume
2
issue
8
pages
963 - 967
DOI
10.5281/zenodo.1062736
language
English
LU publication?
no
id
5264c77b-f61c-4f69-a2ea-a990fd561308
date added to LUP
2025-03-20 15:49:51
date last changed
2025-03-27 03:28:40
@article{5264c77b-f61c-4f69-a2ea-a990fd561308,
  abstract     = {{In this paper, an inventory model with finite and constant replenishment rate, price dependant demand rate, time value of money and inflation, finite time horizon, lead time and exponential deterioration rate and with the objective of maximizing the present worth of the total system profit is developed. Using a dynamic programming based solution algorithm, the optimal sequence of the cycles can be found and also different optimal selling prices, optimal order quantities and optimal maximum inventories can be obtained for the cycles with unequal lengths, which have never been done before for this model. Also, a numerical example is used to show accuracy of the solution procedure.}},
  author       = {{Sabahno, Hamed}},
  keywords     = {{Dynamic programming; Deteriorating items; Finite replenishment rate,; Inventory control; Operation Research}},
  language     = {{eng}},
  number       = {{8}},
  pages        = {{963--967}},
  series       = {{World Academy of Science, Engineering and Technology, Open Science Index 20, International Journal of Industrial and Manufacturing Engineering}},
  title        = {{Optimal Policy for a Deteriorating Inventory Model with Finite Replenishment Rate and with Price Dependant Demand Rate and Cycle Length Dependant Price}},
  url          = {{http://dx.doi.org/10.5281/zenodo.1062736}},
  doi          = {{10.5281/zenodo.1062736}},
  volume       = {{2}},
  year         = {{2008}},
}