Abstract
A production inventory model has been developed in this paper, basing on constant production rate and market demand, which varies time to time. Seeing the demand pattern the proposed model has been formulated in a power pattern which can be expressed in a linear or exponential form. The model finds the total average optimum inventory cost and optimum time cycle. The model also considers the small amount of decay. Without having backlogs, production starts. Reaching at the desired level of inventories, it stops production. After that due to demands along with the deterioration, it initiates its depletion and after certain periods the inventory gets zero. The model has also been justified with proving the convex property and by giving a numerical example with the sensitivity test.
Highlights
In last few decades, inventory problems have been studied in a large scale
In minimizing inventory cost this paper proposes an inventory model with power demand, small amount of decay and constant production rate, whereas the existing models very often ignore the production rate; instead those consider the instantaneous replenishment rate
The organizations give due importance to few parameters which affect the model. In this proposed model power demand has been considered as the market may have a demand of linear type, again shortly it may have the demand of exponential function
Summary
Inventory problems have been studied in a large scale. Inventory is related to stock the items before delivering to the customers. (2015) A Production Inventory Model of Power Demand and Constant Production Rate Where the Products Have Finite Shelf-Life. Due to the limited shelf-life and market demand, the stock level or inventory continuously decreases and in this way deterioration occurs. This deterioration affects the inventory seriously and inventory cost increases. The organizations give due importance to few parameters which affect the model Like, in this proposed model power demand has been considered as the market may have a demand of linear type, again shortly it may have the demand of exponential function. The objective of the proposed model is to get the optimum inventory cost and optimum time cycle by introducing a time dependent inventory model with constant production rate and power demand. The paper subsequently advances with literature review, assumptions, notations used in the model, development of the model, numerical illustration, sensitivity analysis, conclusion and suggestions for future work in this field
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