Single-item and multi-item inventory systems with deterministic, continuous, time dependent demand Article

Koulamas, CP. (1993). Single-item and multi-item inventory systems with deterministic, continuous, time dependent demand . COMPUTERS & INDUSTRIAL ENGINEERING, 24(1), 57-68. 10.1016/0360-8352(93)90024-R

cited authors

  • Koulamas, CP

authors

abstract

  • This paper presents efficient solution techniques for determining the order times and the corresponding order quantities in single-item and multi-item inventory systems with deterministic, continuous, time dependent demand. The proposed solution methods do not approximate any continuous (demand or other) functions with discrete ones. In the single-item case, the optimal order times and the corresponding order quantities can be uniquely determined by numerical methods. In the case of multiple items with continuous time varying demand functions, the individual item orders should be coordinated. Heuristics are proposed when a predetermined number of orders must be placed during a time interval (AI and MCI heuristics) and when the number of orders is a variable (MAI and MMCI heuristics). The AI and MAI heuristics are more appropriate for large problems with low variation in the item demand functions and in the item costs. The MCI and MMCI heuristics are more appropriate for small problems with high variation in the item demand functions and in the item costs. © 1993.

publication date

  • January 1, 1993

published in

Digital Object Identifier (DOI)

start page

  • 57

end page

  • 68

volume

  • 24

issue

  • 1