The complete solution procedure for the EOQ and EPQ inventory models with linear and fixed backorder costs.
Kun-Jen ChungLeopoldo Eduardo Cárdenas-BarrónPublished in: Math. Comput. Model. (2012)
Keyphrases
- inventory models
- ordering cost
- infinite horizon
- lost sales
- average cost
- holding cost
- total cost
- order quantity
- finite horizon
- fixed cost
- single item
- lot size
- service level
- lead time
- planning horizon
- expected cost
- inventory control
- long run
- periodic review
- optimal policy
- inventory level
- inventory policy
- setup cost
- inventory systems
- single period
- markov decision processes
- dynamic programming
- optimal control
- single stage
- single product
- lot sizing
- markov decision process
- production cost
- arrival rate
- multi item
- initial state
- inventory management
- finite number
- standard deviation
- demand distributions
- asymptotically optimal
- multistage
- supply chain
- learning algorithm
- single server
- linear program
- utility function
- markov chain