Economic Order Model (Q,R): Constant Lead Times And Exponential Backorder Costs
Journal Title: International Journal of Scientific Research and Management - Year 2014, Vol 2, Issue 3
Abstract
The paper considers the simple model of inventory models (Q,R) The backorder cost C β /t) is taken as an exponential function of t, the length of time of the backorder, C β (t) is t b e b 2 1 . The expected backorder cost is derived by obtaining th e difference between the exp ected backorder cost at time t+L and t+L +T. In this paper demand is assumed to follow a normal distribution.Some basic mathematics of the properties of a normal distribution is introduced to simplify the derivation of the equati ons. The first order derivatives of the inventory backorder costs are given.
Authors and Affiliations
Dr. Martin Osawaru Omorodion
Keywords
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