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Multi item production lot-size inventory model with varying order cost under a restriction: A geometric programming approach
Faculty
Not Specified
Year:
1997
Type of Publication:
Article
Pages:
179-182
Authors:
AbouElAta, MO, Hariri, AMA
DOI:
10.1080/095372897235442
Journal:
PRODUCTION PLANNING \& CONTROL TAYLOR \& FRANCIS LTD
Volume:
8
Research Area:
Engineering; Operations Research \& Management Science
ISSN
ISI:A1997WH26500010
Keywords :
geometric programming, inventory policy, cost models, multiple items
Abstract:
In this paper we present a geometric programming approach for determining the inventory policy for multiple items having varying order cost, which is a continuous function of the order quantity, and a limit on the total average inventory of all items. Our model is a generalization of that of Gupta and Gupta for unrestricted single-item order quantity model with varying order cost and assumes the same order cost function. This cost function relates well to real-life situations since it increases as the order quantity increases and, at the same time, it is easy to handle when deducing previous work as special cases of our model since it is easily reducible to a constant. An example is solved to illustrate the method.
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