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Dynamic Version of the Economic Lot Size Model

Author

Listed:
  • Harvey M. Wagner

    (Stanford University and Massachusetts Institute of Technology)

  • Thomson M. Whitin

    (Stanford University and Massachusetts Institute of Technology)

Abstract

A forward algorithm for a solution to the following dynamic version of the economic lot size model is given: allowing the possibility of demands for a single item, inventory holding charges, and setup costs to vary over N periods, we desire a minimum total cost inventory management scheme which satisfies known demand in every period. Disjoint planning horizons are shown to be possible which eliminate the necessity of having data for the full N periods.

Suggested Citation

  • Harvey M. Wagner & Thomson M. Whitin, 1958. "Dynamic Version of the Economic Lot Size Model," Management Science, INFORMS, vol. 5(1), pages 89-96, October.
  • Handle: RePEc:inm:ormnsc:v:5:y:1958:i:1:p:89-96
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    File URL: http://dx.doi.org/10.1287/mnsc.5.1.89
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    References listed on IDEAS

    as
    1. M. E. Salveson, 1956. "A Problem in Optimal Machine Loading," Management Science, INFORMS, vol. 2(3), pages 232-260, April.
    2. M. Beckman & R. Muth, 1956. "An Inventory Policy for a Case of Lagged Delivery," Management Science, INFORMS, vol. 2(2), pages 145-155, January.
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