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Zbl 0971.90005
Moon, Ilkyeong; Lee, Suyeon
The effects of inflation and time-value of money on an economic order quantity model with a random product life cycle. (English)
[J] Eur. J. Oper. Res. 125, No.3, 588-601 (2000). ISSN 0377-2217

Summary: For several decades, the Economic Order Quantity (EOQ) model and its variations have received much attention from researchers. Recently, there has been an investigation into an EOQ model incorporating a random product life cycle and the concept of time-value of money. This paper extends the previous research in several areas. First, we investigate the impact of inflation on the choice of replenishment quantities. Second, the unit cost, which has been inadvertently omitted in the previous research, is included in the objective function to properly model the problem. Third, we consider the normal distribution as a product life cycle in addition to the exponential distribution. Fourth, we develop a simulation model which can be used for any probability distribution.

MSC 2000:: *90B05 Inventory management
91B38 Production theory etc.

Keywords: inventory; inflation; time-value of money

Cited in: Zbl 1197.90186

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