Abstract
We consider a generalization of perhaps tbe best known type of inventory problem, that in which orders are placed and received from time to time during the process. A simplified version of this problem leads to the famous Wilson lot-size formula. As is well known, this is a continuous time formulation in which the demand rate and optimal crder size are assumed constant. Most succeeding work which considered a time-varying demand rate bas used a discrete-time formulation. There have been many such words. In the book by Bensousan, a continuous time model with time-varying demand rate and impulse ordering is considered. We shall give graphical methods of dynamic programming for the model of Bensousan. In spite of the advent of the high speed computer, tbere are still good reasons for retaining a strong interest in graphical techniques.
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