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Deterministic Inventory Systems With Power Demand Pattern

Author

Listed:
  • JOAQUÍN SICILIA

    (Departamento de Estadística, Investigación Operativa y Computación, Universidad de La Laguna, Tenerife 38271, Islas Canarias, Spain)

  • JAIME FEBLES-ACOSTA

    (Departamento de Economía y Dirección de Empresas, Instituto Universitario de La Empresa (IUDE), Universidad de La Laguna, Tenerife 38271, Islas Canarias, Spain)

  • MANUEL GONZÁLEZ-DE LA ROSA

    (Departamento de Economía y Dirección de Empresas, Universidad de La Laguna, Tenerife 38271, Islas Canarias, Spain)

Abstract

This paper presents a detailed analysis of inventory systems in which the demand for inventory is deterministic, varies by time in each order cycle, and follows a power pattern. Shortages are allowed. The decision variables are the initial stock level and the scheduling period. Holding cost, shortage cost, and replenishment cost are considered. Several scenarios are studied. First, the inventory system without shortages is analyzed, followed by systems with shortages. The full backordering and the completely lost sales systems are discussed and the optimal policy for each is explicitly determined. Several numerical examples are provided to illustrate the efficient inventory policy and the minimum cost for each inventory system.

Suggested Citation

  • Joaquín Sicilia & Jaime Febles-Acosta & Manuel González-De La Rosa, 2012. "Deterministic Inventory Systems With Power Demand Pattern," Asia-Pacific Journal of Operational Research (APJOR), World Scientific Publishing Co. Pte. Ltd., vol. 29(05), pages 1-28.
    • Handle: RePEc:wsi:apjorx:v:29:y:2012:i:05:n:s021759591250025x
    DOI: 10.1142/S021759591250025X
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    Citations

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    Cited by:

    1. Sicilia, Joaquín & González-De-la-Rosa, Manuel & Febles-Acosta, Jaime & Alcaide-López-de-Pablo, David, 2014. "Optimal policy for an inventory system with power demand, backlogged shortages and production rate proportional to demand rate," International Journal of Production Economics, Elsevier, vol. 155(C), pages 163-171.
    2. Minakshi Panda & Anuradha Sahoo, 2023. "Novel Methods for Solving Multi-Objective Non-linear Inventory Model of Highly Deteriorating Items," SN Operations Research Forum, Springer, vol. 4(3), pages 1-22, September.
    3. Luis A. San-José & Joaquín Sicilia & Manuel González-de-la-Rosa & Jaime Febles-Acosta, 2022. "Profit maximization in an inventory system with time-varying demand, partial backordering and discrete inventory cycle," Annals of Operations Research, Springer, vol. 316(2), pages 763-783, September.
    4. Sicilia, Joaquín & González-De-la-Rosa, Manuel & Febles-Acosta, Jaime & Alcaide-López-de-Pablo, David, 2014. "An inventory model for deteriorating items with shortages and time-varying demand," International Journal of Production Economics, Elsevier, vol. 155(C), pages 155-162.
    5. Luis A. San-José & Joaquín Sicilia & Manuel González-De-la-Rosa & Jaime Febles-Acosta, 2020. "Best pricing and optimal policy for an inventory system under time-and-price-dependent demand and backordering," Annals of Operations Research, Springer, vol. 286(1), pages 351-369, March.
    6. Luis A. San-José & Joaquín Sicilia & Manuel González-de-la-Rosa & Jaime Febles-Acosta, 2021. "Optimal Price and Lot Size for an EOQ Model with Full Backordering under Power Price and Time Dependent Demand," Mathematics, MDPI, vol. 9(16), pages 1-16, August.

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