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

In: Operations Research, Engineering, and Cyber Security

Author

Listed:
  • Konstantina Skouri

    (University of Ioannina)

  • Lakdere Benkherouf

    (Kuwait University)

  • Ioannis Konstantaras

    (University of Macedonia)

Abstract

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.

Suggested Citation

  • Konstantina Skouri & Lakdere Benkherouf & Ioannis Konstantaras, 2017. "Optimal Inventory Policies for Finite Horizon Inventory Models with Time Varying Demand: A Unified Presentation," Springer Optimization and Its Applications, in: Nicholas J. Daras & Themistocles M. Rassias (ed.), Operations Research, Engineering, and Cyber Security, pages 345-358, Springer.
    • Handle: RePEc:spr:spochp:978-3-319-51500-7_16
    DOI: 10.1007/978-3-319-51500-7_16
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