IJIRST (International Journal for Innovative Research in Science & Technology)ISSN (online) : 2349-6010

 International Journal for Innovative Research in Science & Technology

Optimal Operating Policies of EPQ Model for Deteriorating Items with Time Dependent Production Having Production Quantity Dependent Demand


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International Journal for Innovative Research in Science & Technology
Volume 3 Issue - 12
Year of Publication : 2017
Authors : Dr. K. Aruna Kumari

BibTeX:

@article{IJIRSTV3I12022,
     title={Optimal Operating Policies of EPQ Model for Deteriorating Items with Time Dependent Production Having Production Quantity Dependent Demand},
     author={Dr. K. Aruna Kumari},
     journal={International Journal for Innovative Research in Science & Technology},
     volume={3},
     number={12},
     pages={35--43},
     year={},
     url={http://www.ijirst.org/articles/IJIRSTV3I12022.pdf},
     publisher={IJIRST (International Journal for Innovative Research in Science & Technology)},
}



Abstract:

Inventory models play an important role in determining the optimal ordering policies. Much work has been reported in literature regarding inventory models with finite or infinite replenishment. But in many practical situations the replenishment is governed by random factors like procurement, transportation, environmental condition, availability of raw material etc., hence, it is needed to develop inventory models with different types of demand. In this paper we develop and analyze an inventory model with the assumption that the demand is power pattern and follows an exponential distribution. However, in some other inventory systems the demand is dependent on production quantity for example in oil exploration industries, manufacturing industries; the demand is a function of production quantity. To analyze this sort of situations an economic production quantity (EPQ) model for deteriorating item is developed with the assumption that the production rate is time dependent and demand is dependent on the production quantity Q. It is further assumed that the demand rate is of the form where , λ and τ are positive constants. This demand rate also includes the constant rate of demand, when = 0. The instantaneous level of inventory at any given time‘t’ is derived through differential equations. With suitable cost considerations the optimal ordering policies are obtained.


Keywords:

EPQ model, Demand, Production rate, Production quantity dependent demand, Production scheduling


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