A note on optimal inventory policies taking account of time value

Note: A note on the production and inventory systems taking account of time value

“…Thus, we have Dohi et al (1992) showed that ðtÞ is strictly increasing and continuous. The optimal cycle time t*, obtained by setting the derivative of TC r (t) equal to 0, is the root of the following equation:…”

“…Therefore, it is preferable to consider improving validity of the analysis. Dohi et al (1992) proposed optimal inventory policies for an infinite time span taking account of time value. They derived the total present value of cost for an infinite time span, obtained the optimum policy to minimize it, and demonstrated the existence of a finite and unique optimal cycle time.…”

Remarks on error bounds for EOQ

“…The model to be studied here is the same as that of Dohi et al (1992). We just consider the classical continuous and deterministic inventory management system without backlogging allowed.…”

“…Consequently, developing a search method to determine the optimal order quantity for the discounted cost version is worthwhile and necessary. Usually, many researchers such as Trippi and Lewin (1974) and Dohi et al (1992) use the Newton-Raphson method to obtain the optimal order quantity for the discounted cost version numerically. It may not appear concise to a practitioner with limited mathematical knowledge which can be applied in understanding the Newton-Rapshon method.…”

Inventory models with variable lead time taking account of time value

“…Ten years later, Gurnani [5] approached this model using a finite planning horizon taking into account the cost of the objective function with and without the discount of time value. Recently, Dohi, Kaio and Osaki [3] proposed a new inventory model with an infinite time span taking into account time value but suggested that the inventory hold ing cost is continuously being discounted over time.…”