Optimal Policies for a Finite-Horizon Production Inventory Model

This paper is concerned with the problem of finding the optimal production schedule for an inventory model with time-varying demand and deteriorating items over a finite planning horizon. This problem is formulated as a mixed-integer nonlinear program with one integer variable. The optimal schedule...

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Veröffentlicht in:Advances in Operations Research Jg. 2012; H. 2012; S. 360 - 375
Hauptverfasser: Benkherouf, Lakdere, Boushehri, Dalal
Format: Journal Article
Sprache:Englisch
Veröffentlicht: Cairo, Egypt Hindawi Limiteds 01.01.2012
Hindawi Puplishing Corporation
Hindawi Publishing Corporation
John Wiley & Sons, Inc
Schlagworte:
Algorithms
Costs
Deterioration
Economic models
Economic theory
Hypotheses
Integer programming
Integers
Inventories
Mathematical models
Nonlinearity
Operations research
Optimization
Schedules
Stockpiling
Studies
ISSN:1687-9147, 1687-9155
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Beschreibung
Zusammenfassung:This paper is concerned with the problem of finding the optimal production schedule for an inventory model with time-varying demand and deteriorating items over a finite planning horizon. This problem is formulated as a mixed-integer nonlinear program with one integer variable. The optimal schedule is shown to exist uniquely under some technical conditions. It is also shown that the objective function of the nonlinear obtained from fixing the integrality constraint is convex as a function of the integer variable. This in turn leads to a simple procedure for finding the optimal production plan.
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ISSN:1687-9147
1687-9155
DOI:10.1155/2012/768929