An algorithm for single-item economic lot-sizing problem with general inventory cost, non-decreasing capacity, and non-increasing setup and production cost

Authors:
Shaoxiang Chen;Yi Feng; Arun Kumar;Bing Lin
Affiliations:
Nanyang Business School, Nanyang Technological University, 50 Nanyang Avenue, Singapore 639798, Singapore;School of Management, Zhejiang University, ZiJinGang Campus, Hangzhou 310058, China;Center for Supply Chain Management, School of Mechanical & Aerospace Engineering, Nanyang Technological University, Singapore;Nanyang Business School, Nanyang Technological University, 50 Nanyang Avenue, Singapore 639798, Singapore
Venue:
Operations Research Letters
Year:
2008

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Abstract

This paper considers an economic lot-sizing model with non-decreasing capacity constraint, non-increasing setup cost and production cost, and a general inventory cost. We prove that when periodic starting inventory is not less than a certain critical value, it is optimal to produce nothing; this critical value can be computed easily which results in a new effective algorithm.