Model and algorithm of an inventory problem with the consideration of transportation cost

Authors:
Qiu-Hong Zhao;Shou-Yang Wang;K.-K. Lai;Guo-Ping Xia
Affiliations:
School of Economics and Management, Beijing University of Aeronautics and Astronautics, Beijing 100083, China;Institute of Systems Science, Academy of Mathematics and Systems Sciences, Chinese Academy of Sciences, Beijing 100080, China;Department of Management Sciences, City University of Hong Kong, Hong Kong;School of Economics and Management, Beijing University of Aeronautics and Astronautics, Beijing 100083, China
Venue:
Computers and Industrial Engineering - Special issue: Selected papers from the 27th international conference on computers & industrial engineering
Year:
2004

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Abstract

In this paper, we address the problem of deciding the optimal ordering quantity and frequency for a supplier-retailer logistic system in which the transportation cost as well as the multiple uses of the vehicles are considered. Based on the traditional economic order quantity (EOQ) formula, a modified EOQ model is set up and an algorithm for the model is presented. Computational results verify the proposed model as well as the efficiency of the algorithm.