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Operations Research, Engineering, and Cyber Security pp 345–358Cite as

Optimal Inventory Policies for Finite Horizon Inventory Models with Time Varying Demand: A Unified Presentation

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Part of the book series: Springer Optimization and Its Applications ((SOIA,volume 113))

Abstract

This paper aims to put forward a general framework for derivation of optimal control policies for inventory systems with time varying demand over a finite planning horizon. This permits the treatment of a large number of known inventory problems in a unified manner. As decision variables are considered the number of cycles and the times that each cycle starts and ends, where the term cycle can be used to represent various operational activities in inventory control. If the objective function, for a fixed number of cycles, passes successfully a couple of tests, then existence and uniqueness of a solution of the corresponding optimization problem is guaranteed. In this case, the search for the optimal solution reduces to a univariate search problem on a bounded interval. This together with a convexity (like) property leads to the optimal inventory policy.

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Author information

Authors and Affiliations

  1. Department of Mathematics, University of Ioannina, Ioannina, Greece

    Konstantina Skouri

  2. Faculty of Science, Department of Statistics and Operations Research, Kuwait University, Safat, Kuwait

    Lakdere Benkherouf

  3. Department of Business Administration, School of Business Administration, University of Macedonia, Thessaloniki, Greece

    Ioannis Konstantaras

Authors
  1. Konstantina Skouri
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  2. Lakdere Benkherouf
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  3. Ioannis Konstantaras
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Correspondence to Konstantina Skouri .

Editor information

Editors and Affiliations

  1. Department of Mathematics, Hellenic Military Academy, Vari Attikis, Greece

    Nicholas J. Daras

  2. Department of Mathematics, National Technical University of Athens, Athens, Greece

    Themistocles M. Rassias

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Skouri, K., Benkherouf, L., Konstantaras, I. (2017). Optimal Inventory Policies for Finite Horizon Inventory Models with Time Varying Demand: A Unified Presentation. In: Daras, N., Rassias, T. (eds) Operations Research, Engineering, and Cyber Security. Springer Optimization and Its Applications, vol 113. Springer, Cham. https://doi.org/10.1007/978-3-319-51500-7_16

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