A forward with backward inventory policy algorithm for nonlinear increasing demand and shortage backorders (Q2204675)
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scientific article; zbMATH DE number 7261749
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| English | A forward with backward inventory policy algorithm for nonlinear increasing demand and shortage backorders |
scientific article; zbMATH DE number 7261749 |
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A forward with backward inventory policy algorithm for nonlinear increasing demand and shortage backorders (English)
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15 October 2020
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Summary: The traditional inventory policies have been developed for constant demand processes. In reality, demand is not always stable; it might have an increasing pattern. In this paper, a forward with backward inventory policy algorithm is developed to determine the operational parameters of an inventory system with a nonlinear increasing demand rate, shortage backorders and a finite planning horizon. Numerical experiments are also conducted to compare the results with the existing techniques and to illustrate the applicability of the proposed technique.
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inventory
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nonlinear increasing demand pattern
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shortage backorders
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forward with backward inventory policy algorithm
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0.8601146936416626
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0.790372371673584
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0.7632347941398621
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