A note on the convexity of the objective function for a simple common component inventory problem

Haizhen Fu; Duncan Fong

doi:10.1016/S0925-5273(98)00051-6

A note on the convexity of the objective function for a simple common component inventory problem

Haizhen Fu, Duncan Fong

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Abstract

We prove the convexity of the objective function for any continuous demand distribution for a common component inventory problem as considered in Jönsson and Silver (Engineering Costs and Production Economics 16 (1989) 257-267). This result guarantees that a local optimum is the global optimum. It facilitates the determination of optimal stock levels for the components.

Original language	English (US)
Pages (from-to)	143-148
Number of pages	6
Journal	International Journal of Production Economics
Volume	55
Issue number	2
DOIs	https://doi.org/10.1016/S0925-5273(98)00051-6
State	Published - Jul 1 1998

All Science Journal Classification (ASJC) codes

Business, Management and Accounting(all)
Economics and Econometrics
Management Science and Operations Research
Industrial and Manufacturing Engineering

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10.1016/S0925-5273(98)00051-6

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abstract = "We prove the convexity of the objective function for any continuous demand distribution for a common component inventory problem as considered in J{\"o}nsson and Silver (Engineering Costs and Production Economics 16 (1989) 257-267). This result guarantees that a local optimum is the global optimum. It facilitates the determination of optimal stock levels for the components.",

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AB - We prove the convexity of the objective function for any continuous demand distribution for a common component inventory problem as considered in Jönsson and Silver (Engineering Costs and Production Economics 16 (1989) 257-267). This result guarantees that a local optimum is the global optimum. It facilitates the determination of optimal stock levels for the components.

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A note on the convexity of the objective function for a simple common component inventory problem

Abstract

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