Closed-form solutions for Wee’s and Martin’s EOQ models with a temporary price discount |
| |
Authors: | Horng-Jinh ChangWen-Feng Lin Jow-Fei Ho |
| |
Institution: | a Graduate Institute of Management Sciences, Tamkang University, Taipei, Taiwan b China University of Science and Technology, Taipei, Taiwan |
| |
Abstract: | In this article, we use closed-form solutions to solve Wee and Yu (1997) deteriorating inventory model with a temporary price discount and Martin’s (1994) EOQ model with a temporary sale price. In Wee and Yu (1997) and Martin’s (1994), the benefits during the temporary price discount purchase cycle are represented by their objective functions. Wee and Yu (1997) and Martin (1994) only used search methods to find approximate solutions. Following the theorems we suggested, you can find closed-form solution directly when there are integer operators involve in an objective function. Using the data of Wee and Yu (1997) and Martin (1994), we can find the results are more quick and more accurate. |
| |
Keywords: | Deterioration Economic order quantity Temporary sale price Discount price |
本文献已被 ScienceDirect 等数据库收录! |
|