A nonlinear optimization model for optimal order quantities with stochastic demand rate and price change

M. M. Ali; L. Masinga

doi:10.3934/jimo.2007.3.139

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2007, Volume 3, Issue 1: 139-154. Doi: 10.3934/jimo.2007.3.139

This issue Previous Article Optimization with some uncontrollable variables: a min-equilibrium approach Next Article Optimal Adaptive Regulation for Nonlinear Systems with Observation Noise

A nonlinear optimization model for optimal order quantities with stochastic demand rate and price change

M. M. Ali^1, and
L. Masinga^1,

1.
School of Computational and Applied Mathematics, University of the Witwatersrand, 1 Jan Smut Avenue, Private Bag-3, Wits-2050

Received: November 30, 2005

Revised: September 30, 2006

Published: December 2006

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Abstract

An inventory problem in which the stochastic demand rate in each period is considered. A model is presented to compute optimal order quantities and optimal delivery points in the planning period. This model can also account for any anticipated price change that may occur from time to time. In addition the model can be used to compute volume discounts in accordance to the size of the order. A stochastic global optimization algorithm is used to obtain the numerical results.

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Mathematics Subject Classification: Primary: 90B05; Secondary: 65K05.

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