A Note on EOQ Model for Items with Mixtures of Exponential Distribution Deterioration, Shortages and Time-varying Demand

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Title:	A Note on EOQ Model for Items with Mixtures of Exponential Distribution Deterioration, Shortages and Time-varying Demand
Authors:	Lee, Wen-chuan;吳忠武;Wu, Jong-wuu
Contributors:	淡江大學統計學系
Keywords:	inventory;deterioration;exponential distribution;reorder time;differential equation
Date:	2004-08
Issue Date:	2009-11-30 12:52:57 (UTC+8)
Publisher:	Springer
Abstract:	An inventory model is considered in which inventory is depleted not only by demand, but also by deterioration. In this paper, we derive the EOQ model for inventory of items that deteriorates at a mixtures of exponential distributed rate, assuming the demand rate with a continuous function of time. Moreover, the proposed model cannot be solved directly in a closed form, thus we used the computer software IMSL MATH/LIBRARY (1989) to find the optimal reorder time Further, we also find that the optimal procedure is independent of the form of the demand rate. Finally, we also assume that the holding cost is a continuous, nonnegative and non-decreasing function of time in order to generalize EOQ model. Moreover, four numerical examples and sensitivity analyses are provided to assess the solution procedure.
Relation:	Quality and Quantity 38(4), pp.457-473
DOI:	10.1023/B:QUQU.0000043119.42088.a1
Appears in Collections:	[Graduate Institute & Department of Statistics] Journal Article

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