Min-max distribution free continuous-review model with a service level constraint and variable lead time

Ilkyeong Moon; Eunjoo Shin; Biswajit Sarkar

doi:10.1016/j.amc.2013.12.034

Min-max distribution free continuous-review model with a service level constraint and variable lead time

Ilkyeong Moon, Eunjoo Shin, Biswajit Sarkar

Department of Industrial Engineering

Research output: Contribution to journal › Article › peer-review

57 Citations (Scopus)

Abstract

In this paper, we provide a continuous-review (Q, r, L) inventory model with a fill rate service constraint and a negative exponential crashing cost function with a variable lead time. Tajbakhsh [1] developed a closed-form solution that considered an order quantity and a reorder point. We extend the distribution free continuous-review inventory model to minimize the total cost by using a negative exponential lead time crashing cost function, and derive closed-form expressions for the optimal order quantity, reorder point, and lead time. Some numerical examples are presented to illustrate the model. We perform a sensitivity analysis to see the effects of parameter changes on the objective function. We have made the comparisons with the existing model.

Original language	English
Pages (from-to)	310-315
Number of pages	6
Journal	Applied Mathematics and Computation
Volume	229
DOIs	https://doi.org/10.1016/j.amc.2013.12.034
Publication status	Published - 2014 Feb 25

Bibliographical note

Funding Information:
The authors are grateful to anonymous referees for their valuable comments. This study was financially supported by Pusan National University in program, Post-Doc. 2012.

All Science Journal Classification (ASJC) codes

Computational Mathematics
Applied Mathematics

Access to Document

10.1016/j.amc.2013.12.034

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abstract = "In this paper, we provide a continuous-review (Q, r, L) inventory model with a fill rate service constraint and a negative exponential crashing cost function with a variable lead time. Tajbakhsh [1] developed a closed-form solution that considered an order quantity and a reorder point. We extend the distribution free continuous-review inventory model to minimize the total cost by using a negative exponential lead time crashing cost function, and derive closed-form expressions for the optimal order quantity, reorder point, and lead time. Some numerical examples are presented to illustrate the model. We perform a sensitivity analysis to see the effects of parameter changes on the objective function. We have made the comparisons with the existing model.",

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