A note on the convexity of the objective function for a simple common component inventory problem

We prove the convexity of the objective function for any continous demand distribution for a common component inventory problem as considered in Jönsson and Silver (Engineering Costs and Production Economics 16 (1989) 257–267). This result guarantees that a local optimum is the global optimum. It fa...

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Veröffentlicht in:	International journal of production economics 1998-07, Vol.55 (2), p.143-148
Hauptverfasser:	Fu, Haizhen, Fong, Duncan K.H.
Format:	Artikel
Sprache:	eng
Schlagworte:	Applied sciences Component commonality Components Convexity Exact sciences and technology Functions Inventory Inventory control, production control. Distribution Inventory management Operational research and scientific management Operational research. Management science Studies Theory
Online-Zugang:	Volltext
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Zusammenfassung:	We prove the convexity of the objective function for any continous demand distribution for a common component inventory problem as considered in Jönsson and Silver (Engineering Costs and Production Economics 16 (1989) 257–267). This result guarantees that a local optimum is the global optimum. It facilitates the determination of optimal stock levels for the components.
ISSN:	0925-5273 1873-7579
DOI:	10.1016/S0925-5273(98)00051-6