Planning Horizon for Production Inventory Models with Production Rate Dependent on Demand and Inventory Level
Joint Authors
Chao, Henry C. J.
Julian, Peterson
Lin, Jennifer
Source
Journal of Applied Mathematics
Issue
Vol. 2013, Issue 2013 (31 Dec. 2013), pp.1-9, 9 p.
Publisher
Hindawi Publishing Corporation
Publication Date
2013-03-28
Country of Publication
Egypt
No. of Pages
9
Main Subjects
Abstract EN
This paper discusses why the selection of a finite planning horizon is preferable to an infinite one for a replenishment policy of production inventory models.
In a production inventory model, the production rate is dependent on both the demand rate and the inventory level.
When there is an exponentially decreasing demand, the application of an infinite planning horizon model is not suitable.
The emphasis of this paper is threefold.
First, while pointing out questionable results from a previous study, we propose a corrected infinite planning horizon inventory model for the first replenishment cycle.
Second, while investigating the optimal solution for the minimization problem, we found that the infinite planning horizon should not be applied when dealing with an exponentially decreasing demand.
Third, we developed a new production inventory model under a finite planning horizon for practitioners.
Numerical examples are provided to support our findings.
American Psychological Association (APA)
Lin, Jennifer& Chao, Henry C. J.& Julian, Peterson. 2013. Planning Horizon for Production Inventory Models with Production Rate Dependent on Demand and Inventory Level. Journal of Applied Mathematics،Vol. 2013, no. 2013, pp.1-9.
https://search.emarefa.net/detail/BIM-511660
Modern Language Association (MLA)
Lin, Jennifer…[et al.]. Planning Horizon for Production Inventory Models with Production Rate Dependent on Demand and Inventory Level. Journal of Applied Mathematics No. 2013 (2013), pp.1-9.
https://search.emarefa.net/detail/BIM-511660
American Medical Association (AMA)
Lin, Jennifer& Chao, Henry C. J.& Julian, Peterson. Planning Horizon for Production Inventory Models with Production Rate Dependent on Demand and Inventory Level. Journal of Applied Mathematics. 2013. Vol. 2013, no. 2013, pp.1-9.
https://search.emarefa.net/detail/BIM-511660
Data Type
Journal Articles
Language
English
Notes
Includes bibliographical references
Record ID
BIM-511660