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- Publisher Website: 10.1002/nav.20096
- Scopus: eid_2-s2.0-26444501634
- WOS: WOS:000231072200005
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Article: An economic lot-sizing problem with perishable inventory and economies of scale costs: Approximation solutions and worst case analysis
Title | An economic lot-sizing problem with perishable inventory and economies of scale costs: Approximation solutions and worst case analysis |
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Authors | |
Keywords | Approximation algorithms Consecutive-Cover-Ordering policies Economic Lot-Sizing problem Perishable inventory |
Issue Date | 2005 |
Citation | Naval Research Logistics, 2005, v. 52, n. 6, p. 536-548 How to Cite? |
Abstract | The costs of many economic activities such as production, purchasing, distribution, and inventory exhibit economies of scale under which the average unit cost decreases as the total volume of the activity increases. In this paper, we consider an economic lot-sizing problem with general economies of scale cost functions. Our model is applicable to both nonperishable and perishable products. For perishable products, the deterioration rate and inventory carrying cost in each period depend on the age of the inventory. Realizing that the problem is NP-hard, we analyze the effectiveness of easily implementable policies. We show that the cost of the best Consecutive-Cover- Ordering (CCO) policy, which can be found in polynomial time, is guaranteed to be no more than (4√2 + 5)/7 ≈ 1.52 times the optimal cost, In addition, if the ordering cost function does not change from period to period, the cost of the best CCO policy is no more than 1.5 times the optimal cost. © 2005 Wiley Periodicals, Inc. |
Persistent Identifier | http://hdl.handle.net/10722/296030 |
ISSN | 2021 Impact Factor: 1.806 2020 SCImago Journal Rankings: 0.665 |
ISI Accession Number ID |
DC Field | Value | Language |
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dc.contributor.author | Chu, Leon Yang | - |
dc.contributor.author | Hsu, Vernon Ning | - |
dc.contributor.author | Shen, Zuo Jun Max | - |
dc.date.accessioned | 2021-02-11T04:52:41Z | - |
dc.date.available | 2021-02-11T04:52:41Z | - |
dc.date.issued | 2005 | - |
dc.identifier.citation | Naval Research Logistics, 2005, v. 52, n. 6, p. 536-548 | - |
dc.identifier.issn | 0894-069X | - |
dc.identifier.uri | http://hdl.handle.net/10722/296030 | - |
dc.description.abstract | The costs of many economic activities such as production, purchasing, distribution, and inventory exhibit economies of scale under which the average unit cost decreases as the total volume of the activity increases. In this paper, we consider an economic lot-sizing problem with general economies of scale cost functions. Our model is applicable to both nonperishable and perishable products. For perishable products, the deterioration rate and inventory carrying cost in each period depend on the age of the inventory. Realizing that the problem is NP-hard, we analyze the effectiveness of easily implementable policies. We show that the cost of the best Consecutive-Cover- Ordering (CCO) policy, which can be found in polynomial time, is guaranteed to be no more than (4√2 + 5)/7 ≈ 1.52 times the optimal cost, In addition, if the ordering cost function does not change from period to period, the cost of the best CCO policy is no more than 1.5 times the optimal cost. © 2005 Wiley Periodicals, Inc. | - |
dc.language | eng | - |
dc.relation.ispartof | Naval Research Logistics | - |
dc.subject | Approximation algorithms | - |
dc.subject | Consecutive-Cover-Ordering policies | - |
dc.subject | Economic Lot-Sizing problem | - |
dc.subject | Perishable inventory | - |
dc.title | An economic lot-sizing problem with perishable inventory and economies of scale costs: Approximation solutions and worst case analysis | - |
dc.type | Article | - |
dc.description.nature | link_to_subscribed_fulltext | - |
dc.identifier.doi | 10.1002/nav.20096 | - |
dc.identifier.scopus | eid_2-s2.0-26444501634 | - |
dc.identifier.volume | 52 | - |
dc.identifier.issue | 6 | - |
dc.identifier.spage | 536 | - |
dc.identifier.epage | 548 | - |
dc.identifier.isi | WOS:000231072200005 | - |
dc.identifier.issnl | 0894-069X | - |