We present a thorough analysis of the economic production quantity model with shortages under a general inventory cost rate function and piecewise linear concave production costs. Consequently, an effective solution procedure, particularly useful for an approximation scheme, is proposed. A computational study is appended to illustrate the performance of the proposed solution procedure.

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Keywords general inventory cost rate function, inventory, piecewise linear concave production cost
Persistent URL dx.doi.org/10.1016/j.ejor.2006.03.026, hdl.handle.net/1765/19256
Citation
Bayindir, Z.P., Birbil, S.I., & Frenk, J.B.G.. (2007). A deterministic inventory/production model with general inventory cost rate function and piecewise linear concave production costs. European Journal of Operational Research, 179(1), 114–123. doi:10.1016/j.ejor.2006.03.026