Abstract
This paper considers a model regarding the products with finite life which allows defective items in reproduction and causes a small amount of decay. The market demand is assumed to be level dependent linear type. The model has also considered the constant production rate which stops after a desired level of inventories and that is the highest level of it. Due to the market demand, defective item and product’s decay, the inventory reduces to the zero level where again the production cycle starts. With a numerical search procedure, the proof of the proposed model has been shown. The objective of the proposed model is to find out the total optimum inventory cost, optimum ordering cost and optimum ordering cycle.
Highlights
Inventory management in any business is nowadays considered as a very important issue in the market
This paper considers a model regarding the products with finite life which allows defective items in reproduction and causes a small amount of decay
Due to the market demand, defective item and product’s decay, the inventory reduces to the zero level where again the production cycle starts
Summary
Inventory management in any business is nowadays considered as a very important issue in the market Thereby how it will be managed and how much is to be produced and supplied based on demand gets an important role here in this twentieth century. Analysing the inventory problem helps to minimize the inventory cost and time. In minimizing inventory cost and time this paper proposes an inventory model with linear demand, production with few defective items in the cycle, small amount of decay and constant production rate. The production starts with zero inventories in the model discussed in this paper. This paper has considered constant production rate along with the deterioration. The objective of the proposed model is to get the optimum inventory cost, time and ordering cycle. The paper concludes with literature review, assumptions and notations, development of the model, numerical illustration and sensitivity analysis
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