Abstract
AbstractIn this paper we present four inventory control models under the following assumptions. Planning horizon is finite and demand is a general logconcave function of time. The models allow for deterioration of items over time and shortages partially backlogged at an exponential rate. For each of the models we establish the existence of a unique optimal policy. We then compute their optimal costs and rank them according to cost performance. This ranking indicates that model four gives the lowest cost. Numerical examples are given to support the theoretical findings and explain the application of procedures. Copyright © 2003 John Wiley & Sons, Ltd.
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