A partial replenishment model for an inventory with constant demand

Abstract

An inventory with constant demand is considered. The inventory is checked according to a Poisson process and replenished either fully or partially when the stock is below a threshold. We obtained the stationary distribution of the level of the inventory. After assigning several costs to the inventory, we also derived the long-run average cost per unit time. A numerical example is studied to find the optimal values of the checking rate and threshold, which minimize the long-run average cost.

Advance sustainable inventory management through advertisement and trade-credit policy

“…(5) Production rate always greater then demand so, shortage are not allowed. (6) The planning period is infinite length and the ending inventory levels are zero.…”

“…Demand for any inventory system one of the most important issues in today's business industry. For simplification of the model, demand will be considered constant as a basic assumption in many existing literature [3,6,28]. But in our daily life it is near about impossible that demand of any product always constant in general.…”

A Stackelberg Game Approach in an Integrated Inventory Model with Carbon-Emission and Setup Cost Reduction

“…Some references of that types of systems are given by Chung et al [48], Choi et al [49], Wee et al [50], Sarkar and Saren [51], Kaliraman et al [52]. (8) Shortages are not considered as rate of production is bigger than the rate of demand i.e., P > D. …”