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Multi‐class inventory models with demand a function of inventory level

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  • Donald L. Iglehart
  • Stratton C. Jaquette

Abstract

This paper considers the problem of maintaining an inventory of an item which can deteriorate and become useless. A periodic review procedure is used and new items ordered may experience a time lag in delivery. Items are considered to deteriorate through one or two states before becoming useless. Thus the deterioration process in each period plays the role of the usual demand process and is a function of the inventory level at the beginning of each period. For the case of no time lag in delivery, one stage deterioration, and either binomial or uniform deterioration, optimal ordering policies are obtained for the n‐period dynamic model with the standard cost structure. (For the shortage probability criterion see the other paper by Iglehart and Jaquette, in this issue.) These policies are of the single critical number type. For more complicated models suboptimal policies of this same type are found.

Suggested Citation

  • Donald L. Iglehart & Stratton C. Jaquette, 1969. "Multi‐class inventory models with demand a function of inventory level," Naval Research Logistics Quarterly, John Wiley & Sons, vol. 16(4), pages 495-502, December.
    • Handle: RePEc:wly:navlog:v:16:y:1969:i:4:p:495-502
    DOI: 10.1002/nav.3800160404
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    Cited by:

    1. Noah Gans & Yong-Pin Zhou, 2002. "Managing Learning and Turnover in Employee Staffing," Operations Research, INFORMS, vol. 50(6), pages 991-1006, December.

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