Inventory Systems for Deteriorating Items Taking Account of Time Value

Chung, Kun‐Jen; Liu, Joseph K.; Tsai, Sui-Fu

doi:10.1080/03052159708941410

Cited by 21 publications

(4 citation statements)

References 11 publications

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“…Then by assuming specific function for the involved parameters of the systems various existing models can be obtained (i.e. Bose et al [33], Chandra and Bahner [34], Chern et al [35], Chung et al [36], Datta and Pal [37], Dye and Hsieh [38], Hariga [39], Hsieh and Dye [40], Moon et al [41], Yang et al [42], Yang et al [43]). …”

Section: T I T/ˇt I T/dt/dt C C Lmentioning

confidence: 99%

Optimal Inventory Policies for Finite Horizon Inventory Models with Time Varying Demand: A Unified Presentation

Skouri

Benkherouf

Konstantaras

2017

Springer Optimization and Its Applications

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This paper aims to put forward a general framework for derivation of optimal control policies for inventory systems with time varying demand over a finite planning horizon. This permits the treatment of a large number of known inventory problems in a unified manner. As decision variables are considered the number of cycles and the times that each cycle starts and ends, where the term cycle can be used to represent various operational activities in inventory control. If the objective function, for a fixed number of cycles, passes successfully a couple of tests, then existence and uniqueness of a solution of the corresponding optimization problem is guaranteed. In this case, the search for the optimal solution reduces to a univariate search problem on a bounded interval. This together with a convexity (like) property leads to the optimal inventory policy.

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Section: T I T/ˇt I T/dt/dt C C Lmentioning

confidence: 99%

Optimal Inventory Policies for Finite Horizon Inventory Models with Time Varying Demand: A Unified Presentation

Skouri

Benkherouf

Konstantaras

2017

Springer Optimization and Its Applications

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“…Chung [2] and Chung et al [5] considered that the iterative sequence spanned by Newton method may not converge to an optimal solution when the first derivative has two roots. There are six other papers, Dohi et al [11], Chung et al [6], Chung and Lin [4], Chung and Tsai [8], Huang and Chung [13], and Moon et al [14] that have referred to Dohi et al [10], but none of them provided further discussion of the Newton method for the optimal solution. In this paper, we will show that Newton method is applicable to this kind of EPQ inventory model of Dohi et al [10], with any starting point.…”

Section: Introductionmentioning

confidence: 99%

Newton method for determining the optimal replenishment policy for EPQ model with present value

Kuo-JungWU

Lei

Jung

et al. 2008

YUGOSLAV J OPERATION

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This paper is a response for the paper of Dohi, Kaio and Osaki, that was published in RAIRO: Operations Research, 26, 1-14 (1992) for an EPQ model with present value. The purpose of this paper is threefold. First, the convex and increasing properties for the first derivative of the objective function are proved. Second, we apply the Newton method to find the optimal cycle time. Third, we provide some numerical examples to demonstrate that the Newton method is more efficient than the bisection method.

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“…For the deteriorating item [35−36] , Bose [37] took account of the EOQ model where demand is linear time-dependent and shortages are allowed. Chung and Liu [38] explored a line search technique to decide the optimal interval over the finite time horizon. Chung and Lin [39] investigated optimal inventory replenishment policy without shortage and with shortages completely backlogged where demand is stable.…”

Section: Introductionmentioning

confidence: 99%

Impacts of Hyperbolic Discounting on Inventory Replenishment Policy Under Inflation

Zhou

Lin

2016

Journal of Systems Science and Information

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Considering time inconsistency and inter-temporal preference of the decision maker who is facing inter-temporal choices, this paper employs hyperbolic discounting to reflect these characteristics in governing inventory replenishment policy under inflation. The authors take the subjective perception of the decision maker and the objective indicator from the capital market into consideration. The decision maker's subjective perception includes confidence towards future value of money and anxiety to return the money, while the objective indicator is represented by the compounded discount rate. The results suggest that over the given planning horizon, with more confidence, inventory policy of larger order quantity and smaller order frequency should be adopted; with more anxiety within a threshold, inventory policy of smaller order quantity and larger order frequency should be adopted, and with more anxiety beyond this threshold, inventory policy keeps unchanged; with a larger discount rate, inventory policy of smaller order quantity and larger order frequency should be adopted.

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Inventory Systems for Deteriorating Items Taking Account of Time Value

Cited by 21 publications

References 11 publications

Optimal Inventory Policies for Finite Horizon Inventory Models with Time Varying Demand: A Unified Presentation

Optimal Inventory Policies for Finite Horizon Inventory Models with Time Varying Demand: A Unified Presentation

Newton method for determining the optimal replenishment policy for EPQ model with present value

Impacts of Hyperbolic Discounting on Inventory Replenishment Policy Under Inflation

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