![]() ![]() To solve this problem, a new and efficient algorithm to calculate the optimal inventory cycle and the economic order quantity is proposed. The modeling of the inventory problem leads to an integer nonlinear mathematical programming problem. The problem is to determine the best inventory policy that maximizes the profit per unit time, which is the difference between the income obtained from the sales of the product and the sum of the previous costs. The costs related to the management of the inventory system are the ordering cost, the purchasing cost, the holding cost, the backordering cost and the lost sale cost. Shortages are allowed but, taking necessities or interests of the customers into account, only a fixed proportion of the demand during the stock-out period is satisfied with the arrival of the next replenishment. Furthermore, the demand rate in each basic period is a power time-dependent function. ![]() In this paper, an inventory problem where the inventory cycle must be an integer multiple of a known basic period is considered. ![]()
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