Research note on the criteria for the optimal solution of the inventory model with a mixture of partial backordering and lost sales |
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| Authors: | Gino K Yang Shuo-Yan Chou Chih-Young Hung Jennifer Shu-Jen Lin Peter Chu |
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| Institution: | 1. Department of Logistics Management, National Defense University, Taiwan, ROC;2. Department of Industrial Management, National Taiwan University of Science and Technology, Taiwan, ROC;3. Graduate Institute of Technology Management, National Chiao Tung University, Taiwan, ROC;4. Institute of Technology and Vocational Education, National Taipei University of Technology, Taiwan, ROC;5. Department of Traffic Science, Central Police University, Taiwan, ROC |
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| Abstract: | Perishable products are commonly seen in inventory management. By allowing shortages and backlogging, the impact on the cost from the decay of the products can be balanced out. In a recent paper published in Computers and Industrial Engineering P.L. Abad, Optimal lot size for a perishable good under conditions of finite production and partial backordering and lost sale, Comput. Ind. Eng. 38 (2000) 457–465] considered a problem in such context. However, his algorithm was incomplete due to flaws in his solution procedure. The purpose of this note is to explore the same production inventory models with a mixture of partial backordering and lost sales for deteriorated items. We find the criteria for the optimal solution for different cases and derive a formulated minimum value. By theoretical analysis, we develop a few lemmas to reveal parameter effects and optimal solution procedure. The solutions are illustrated by solving the same examples from Abad’s paper to illustrate the accuracy and completeness of our procedure. |
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| Keywords: | Inventory Perishable items Backorder Lost sales |
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