On the existence of unique minimum for the cost function in a (Q,R) inventory model with backorders

DOI10.1093/IMAMAN/DPW010zbMATH Open1473.90006OpenAlexW2470745056MaRDI QIDQ5382736FDOQ5382736

Authors George E. Halkos, Ilias S. Kevork, Christos N. Tziourtzioumis

Publication date 18 June 2019

Published in IMA Journal of Management Mathematics (Search for Journal in Brave)

Full work available at URL https://doi.org/10.1093/imaman/dpw010

zbMATH Keywords

cost functionconvexityinventory controlunimodal distributioncontinuous review modelHadley-Whitin approximation

Mathematics Subject Classification ID

Consumer behavior, demand theory (91B42) Inventory, storage, reservoirs (90B05)

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(5)

• The value of regulating returns for enhancing the dynamic behaviour of hybrid manufacturing-remanufacturing systems
• Minimizing holding and ordering costs subject to a bound on backorders is as easy as solving a single backorder cost model
• A simple cost minimization procedure for the \((Q, r)\) inventory system with a specified fixed cost per stockout occasion
• Mathematical properties of EOQ models with special cost structure
• Approximated closed-form minimum-cost solution to the \((r, q)\) policy with complete backordering and further developments

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