Inventory Replenishment Policy for Increasing Demand

The Donaldson model for inventory replenishment is investigated for a general class of increasing demands. In particular, it is shown that the system of reorder times is uniquely specified and well-behaved when the demand f(t) is log-concave, i.e. the derivative of log f(t) is a decreasing function...

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Veröffentlicht in:The Journal of the Operational Research Society 1979-07, Vol.30 (7), p.611-617
1. Verfasser: Henery, R. J.
Format: Artikel
Sprache:eng
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Zusammenfassung:The Donaldson model for inventory replenishment is investigated for a general class of increasing demands. In particular, it is shown that the system of reorder times is uniquely specified and well-behaved when the demand f(t) is log-concave, i.e. the derivative of log f(t) is a decreasing function of time. In addition, a numerical procedure is outlined which will produce the set of optimal times at which to re-order, provided the demand f(t) is of sufficiently simple form, for example a simple power law or exponential demand.
ISSN:0160-5682
1476-9360
DOI:10.1057/jors.1979.153