Abstract
This palxr ddresscs the inventory control problem of determining economic order quantities during inflation. A simple average annual cost ndel is constructed for which a closed-form solution is found. The solutions thus generntcd are then compared with the optimal solutians to n 'theoretically correct' model whose objective is to minlmize the discounted sum of all future posts. An eal-sustivosenvitivitya nalysisshows thesimple closed-form nulutiun to compnR fnvournhly with the minimum discounted cost solution over n wide mnge of problem pnmmetem.
Original language | English (US) |
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Pages (from-to) | 597-608 |
Number of pages | 12 |
Journal | International Journal of Production Research |
Volume | 23 |
Issue number | 3 |
DOIs | |
State | Published - Jan 1 1985 |
All Science Journal Classification (ASJC) codes
- Strategy and Management
- Management Science and Operations Research
- Industrial and Manufacturing Engineering