It is known that under some mild conditions the optimal replenishment policy is of the threshold type: an order is placed if and only if the starting inventory is below a threshold value. We revisit the infinite-horizon decision problem of a single-stage single-item periodic-review inventory system under uncertain yield and demand. From the results of numericalĮxample, it can be shown that, the significant savings can be achieved through the reductions of order Policy, and our approach is illustrated through a numerical example. In addition, an efficient algorithm is developed to determine the optimal Study is to minimize the total relevant cost by simultaneously optimizing the order quantity, lost sales Processing cost and lost sales rate are logarithmic functions of capital investment. Here, we consider the lead time crashing cost is an exponential function of lead time, and the order Received is uncertain, in which the lead time, lost sales rate and order processing cost are decision variables. Investigate the continuous review inventory model with shortages include the case where the quantity Often must make decisions under uncertain quantity received circumstances. In practice the quantity received may not match the quantity ordered due to worker’s strike, rejectionĭuring inspection, damage during transportation, human errors in counting, etc.
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