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

Haizhen Fu, Duncan Fong

Research output: Contribution to journalArticle

1 Scopus citations

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 languageEnglish (US)
Pages (from-to)143-148
Number of pages6
JournalInternational Journal of Production Economics
Volume55
Issue number2
DOIs
StatePublished - 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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