Abstract
Article history: Received January 26 2014 Received in Revised Format July 5 2014 Accepted July 5 2014 Available online July 12 2014 This paper derives a production inventory model over infinite planning horizon with flexible but unreliable manufacturing process and the stochastic repair time. Demand is stock dependent and during the period of sale it depends on reduction on selling price. Production rate is a function of demand and reliability of the production equipment is assumed to be exponentially decreasing function of time. Repair time is estimated using uniform probability density function. The objective of the study is to determine the optimal policy for production system, which maximizes the total profit subject to some constraints under consideration. The results are discussed with a numerical example to illustrate the theory. © 2014 Growing Science Ltd. All rights reserved
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