Inventory model of deteriorated items with a constraint: A geometric programming approach [An article from: European Journal of Operational Research]

This digital document is a journal article from European Journal of Operational Research, published by Elsevier in 2006. The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.

Description:
An inventory model for deteriorating items is built-up with limited storage space. Here, demand rate for the items is finite, items deteriorate at constant rates and are replenished instantaneously. Following EOQ model, the problem is formulated with and without truncation on the deterioration term and ultimately is converted to the minimization of a signomial expression with a posynomial constraint. It is solved by modified geometric programming (MGP) method and non-linear programming (NLP) method. The problem is supported by numerical examples. The results from two versions of the model (with and without truncation) and two methods (i.e. MGP and NLP) are compared.