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      Planning Horizon for Production Inventory Models with Production Rate Dependent on Demand and Inventory Level

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      Journal of Applied Mathematics
      Hindawi Limited

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          Abstract

          This paper discusses why the selection of a finite planning horizon is preferable to an infinite one for a replenishment policy of production inventory models. In a production inventory model, the production rate is dependent on both the demand rate and the inventory level. When there is an exponentially decreasing demand, the application of an infinite planning horizon model is not suitable. The emphasis of this paper is threefold. First, while pointing out questionable results from a previous study, we propose a corrected infinite planning horizon inventory model for the first replenishment cycle. Second, while investigating the optimal solution for the minimization problem, we found that the infinite planning horizon should not be applied when dealing with an exponentially decreasing demand. Third, we developed a new production inventory model under a finite planning horizon for practitioners. Numerical examples are provided to support our findings.

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          Most cited references9

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          The production–inventory problem of a product with time varying demand, production and deterioration rates

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            Integrating quality and maintenance decisions in a production-inventory model for deteriorating items

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              The sensitivity of the inventory model with partial backorders

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                Author and article information

                Journal
                Journal of Applied Mathematics
                Journal of Applied Mathematics
                Hindawi Limited
                1110-757X
                1687-0042
                2013
                2013
                : 2013
                :
                : 1-9
                Article
                10.1155/2013/961258
                dacdd1d9-8d8f-4474-ae06-bacac1a0250e
                © 2013

                http://creativecommons.org/licenses/by/3.0/

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