Innovative Study of EPQ Model with Time Induced Demand under Decline Release Policy

Tripathi, Rakesh Prakash; Mishra, Sachin

doi:10.22034/2019.3.6

Innovative Study of EPQ Model with Time Induced Demand under Decline Release Policy

Document Type : Research Paper

Authors

¹ Graphic Era (Deemed to be University), Dehradun, India

² Department of Applied Sciences and Humanities, KNIT, Sultanpur (UP) India

10.22034/2019.3.6

Abstract

In this paper production inventory (EPQ) model by means of incorporate cost diminution release strategy is considered. Production and demand both are simultaneous process in the real world Production and demand rate are considered to be time- linked. Two models (i) production inventory and (ii) manufacture inventory model in the midst of amalgamating cost decline delivery procedure are discussed. Mathematical formulations are provided to find optimal solution for both models. The objective of this study is to obtain optimal order measure to examine the outcome of lessening for cost release plan in the EPQ model. Best possible fabrication lot size model is developed that diminishes total cost. The sensitivity analysis is discussed for variation of different parameters.

Keywords

Main Subjects

production & inventory management

References

Agarwal, N. (2015). Exponential dependent demand rate economic production quantity (EOQ) model for reduction delivery policy. Scholarly Research Journal for Humanity Sciences and English Language, Vol. 2(10), pp. 2400-2415.

Amitha, A. and Chandrasekharam, F. (2013). An EOQ model for deteriorating item with quadratic demand and time dependent holding cost. International Journal of Engineering Sciences and Technology, Vol. 1(5), pp. 5-6.

Begum, R., Sahu, S.K. and Sahoo, R.R. (2010). An EOQ model for deteriorating items with weibull distribution deterioration, unit production cost with quadratic demand and shortage. Applied Mathematical Sciences, Vol. 4, pp. 271-288.

Bhownick, J. and Samanta, G.P. (2011). A deterministic inventory model of deteriorating item with two rates of production shortage and variable production cycle.International Scholarly Research Notice, ISRN. Applied Mathematics.

Bhunia, A.K. Shaikh, A.A., Cárdenas-Barrón, L.E., (2017). A partially integrated production-inventory model with interval-valued inventory costs, variable demand and flexible reliability, Applied Soft Computing, Vol. 55, pp. 491-502.

Bouslah,B., Gharbi, A. and Pellerin, R. (2013). Joint optimal lot-sizing and production control policy is an unreachable and imperfect manufacturing system. International Journal of Production Economics, Vol. 144, pp. 143-156.

Chansamut,A.,Piriyasurawong ,P. Saha, S. and Chakrabarti, T. (2018). Two-Echelon Supply Chain Model for Deteriorating Items in an Imperfect Production System with Advertisement and Stock Dependent Demand under Trade Credit. International Journal of Supply and Operations Management, Vol. 5(3), pp. 207- 217.

Chen, J.M. and Chen, L.T. (2005). Pricing and production lot size scheduling with finite capacity for a deteriorating item over a finite horizon. Computers and Operations Research, Vol. 32(11), pp. 2801-2819.

Chung, K.J., Ting, P.S., Cárdenas-Barrón, L.E., (2017). A simple solution procedure to solve the multi-delivery policy into economic production lot size problem with partial rework, Scientia Iranica, Transactions E, Vol. 24(5), pp. 2640-2644.

Das, B. C., Das, B. and Mondal, S.K. (2015). An integrated production inventory model under interactive fuzzy credit period for deteriorating item with several market. Applied Soft Computing, Vol. 28, pp. 453-465.

Dave, U. (1986).An order level inventory model for deteriorating items with variable instantaneous and discrete opportunities for replenishment. Opsearch, Vol. 23, pp. 244-244.

Ghose, S.K. and Chandhuri, K.S. (2004). An order level inventory model for deteriorating items with time dependent quadratic demand .Computer and Operations Research, Vol. 30, pp. 1901-1916.

Gour, C.M. (2011). EOQ model for items with exponential distribution and linear demand under permissible delay n payments. International Journal of Soft Computing, Vol. 6(3), pp. 46-53.

Goswami, A. and Chaudhuri, K.S. (1991). An EOQ model for deteriorating item with shortage and a linear trend in demand. Journal of Operational Research Society, Vol. 42(12), pp. 1105-1119.

Goyal, S.K. Huang, C.K. and Chang, K.C. (2003). A simple integrated production policy of an imperfect item for vendor and buyer. Production Planning and Control, Vol. 14, pp. 596-602.

Guchhait, P. Maiti, M.K. and Maiti, M. (2013). Production inventory models for a damageable item with variable demands and inventory costs in an imperfect production processes. International Journal of Production Economics, Vol. 144, pp. 180-188

Ghiami, Y. and Williams (2015). A two-echelon production inventory model for deteriorating item with multiple buyers. International Journal of Production Economics, Vol. 155, pp. 351-360.

Hsieh, T.P. and Dye, C.Y. (2013). A production-inventory model corporating the effect of preservation technology investment when demand is fluctuating with time. Journal of Computational and Applied Mathematics, Vol. 239, pp. 25-36.

Kalam, A., Samai, D., Sahu, S.K. and Mishra, M.(2010) A production lot size inventory model for Weibull deteriorating items with quadratic demand quadratic production and shortage. International Journal of Computer Science and Communication, Vol. 1(1), pp. 259-262

Khanra, S. and Chandhuri, K.S.(2003).A note on order level inventory models for a deteriorating item with time dependent quadratic demand. Computers and Operations Research, Vol. 30, pp. 1901-1916.

Khanra, S., Ghosh, S.K. and Chandhuri, K.S. (2011).An EOQ model by deteriorating item with time dependent quadratic demand under permissible delay in payment. Applied Mathematics and Computations, Vol. 62(4), pp. 1-90.

Kumar, A. and Agarwal, K. (2015). An inventory model with variable demand rate for deteriorating item under permissible delay in payments. International Journal of Computer Application Technology and Research, Vol. 4(12), pp. 947-951.

Krishnamoorthy, A. and Viswanath, N.C. (2013). Stochastic decomposition in production inventory with service time. European Journal of Operational Research, Vol. 228, pp. 3588-366.

Lee, C.C. and Hsu, S.L. (2009). A two-wave house production model for deteriorating inventory item with time-dependent demand. European Journal of Operational Research, Vol. 194(3), pp. 700-710.

Liu, X., Wang, W. and Peng, W. (2015). An integrated production inventory and preventive maintenance model for a multi-product production system. Reliability Engineering and System Safety, Vol. 137, pp. 76-86.

Maiti, A.K., Maiti, M.K., and Maiti, M. (2009).Inventory model with stochastic lead-time and price dependent demand incorporating advance payment. Applied Mathematical Modelling, Vol. 33, pp. 2433-2443.

Nobil, A.H., Cárdenas-Barrón, L.E., Nobil, E. (2018). Optimal and simple algorithms to solve integrated procurement-production-inventory problem without/with shortage, RAIRO-Operations Research, Vol. 52(3), pp. 755 - 778.

Noblesse, A. M., Boute, R.N., Lambrecht, M.R. and Houdt, B.V. (2014). Lot sizing and lead-time decisions in production inventory system. International Journal of Production Economics, Vol. 155, pp. 351-360.

Nobil, A.H., Sedigh, A.H.A., Cárdenas-Barrón, L.E., (2018). Multi-machine economic production quantity for items with scrapped and rework with shortages and allocation decisions, Scientia Iranica, Transactions E, Vol. 25(4), pp. 2331-2346.

Pasandideh, S.H.R., Niaki, S.T.A., Nobil, A.H., Cárdenas-Barrón, L.E., (2015). A multiproduct single machine economic production quantity model for an imperfect production system under warehouse construction cost, International Journal of Production Economics, Vol. 169, pp. 203-214.

Patel, S.S. (2017). Production inventory model for deteriorating item with different deterioration rate under stock-and price dependent demand and shortage under influenced permissible delay iin payments. Global Journal of Pure and Applied Mathematics, Vol. 13(7), pp. 3687-3701.

Poles, R. (2013). System Dynamics modeling of a productions and inventory system for remanufacturing to evaluate system improvement strategies. International Journal of Production Economics, Vol. 144, pp. 189-199

Saha, S. and Chakrabarti, T. (2018). Two-Echelon Supply Chain Model for Deteriorating Items in an Imperfect Production System with Advertisement and Stock Dependent Demand under Trade Credit. International Journal of Supply and Operations Management, Vol. 5(3), pp. 207- 217.

Sarkar, B. and Moon, I. (2011). An EPQ model with inflation in an imperfect production system. Applied Mathematics and computation, Vol. 217 (13), pp. 6159-6167.

Sana, S., Goyal, S.K. and Chaudhuri, K.S. (2004). A production inventory model for a deteriorating item with trended demand and shortages. European Journal of Operational Research, Vol. 157, pp. 357-371.

Shukla, H.S. Shukla, V, and Yadav, S.K. (2013). EOQ model for deteriorating item with exponential demand rate and shortage. Uncertain Supply Chain and Management, Vol. 1(3), pp. 67-76.

Teng, J. T., Ouyang, L.Y. and Chang, C.T. (2005). Deterministic economic production quantity models with time varying demand and cost. Applied Mathematics Modelling, Vol. 29(10), pp. 9887-1003.

Teng, J.T., Lou, K.R. and Wang, L. (2014). Optimal trade credit and lot size policies in economic production quantity models with learning curve production costs. International Journal of Production Economics, Vol. 155, pp. 318-323.

Tripathi, R.P., Singh, D. and Aneja, S. (2018). Inventory model for stock-dependent time varyaing holding cost under different trade credits.Yugoslav Journal of Operation Research, Vol. 28(1), pp. 139-151.

Tripathi, R.P. and Tomar, S.S. (2018). Establishment of EOQ model with quadratic time-sensitive demand and parabolic –time linked holding cost with salvage value. International journal of Operations Research, Vol. 15(3), pp. 135-144.

Trivedi, N.D., Shukla, N.J. & Shah, N.H. (2014).Inventory model for deteriorating items with fixed lifetime under quadratic demand and non-linear holding cost. International Journal of Engineering and Innovative Technology, 3(12), 56-60.

Wee, H.M. and Wang, W.T. (1999). A variable production scheduling policy for deteriorating item with time-varying demand. Computer and Operations Research, 26(3), 237-254.

Zou, Y.W., Lou, H.S. and Yang, S.L. (2003). A new variable production scheduling strategy for deteriorating item with time- varying demand and partial lost sale. Computers and Operations Research, 30(12), 1753-1776.