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An EPQ model for deteriorating items with variable production cost, time dependent holding cost and partial backlogging under inflation

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An EPQ model for deteriorating items with variable production cost, time dependent holding cost and partial backlogging under inflation

Content Provider	Springer Nature Link
Author	Palanivel, M. Uthayakumar, R.
Copyright Year	2013
Abstract	This paper develops an economic production quantity (EPQ) model with price and advertisement dependent demand under the effect of inflation and time value of money. Here, the rate of replenishment is considered to be a variable and the generalized unit production cost function is formulated by incorporating the several factors like raw material, labour, replenishment rate, advertisement and other factors of the manufacturing system. The selling price of an unit is determined by a mark-up over the production cost. In most of the inventory model for perishable items, the holding cost has been considered as a constant function. But in realistic situation this cost is varying according to time. In this model, the holding cost per unit of the item per unit time is assumed to be an increasing linear function of time spent in storage. Also in this model, shortages are allowed and we consider that shortage occurs before the starting of inventory. This type of inventory is called SFI (shortage followed by inventory) policy. In the model, the customers are viewed to be impatient and a fraction of the demand is exponentially backlogged. This fraction is a function of the waiting time of the customers. This model aids in minimizing the total inventory cost by finding the optimal cycle length, optimal production and the optimal order quantity. The model is extended to the case of non-perishable product also. The optimal solution of the model is illustrated with the help of a numerical example.
Starting Page	1
Ending Page	17
Page Count	17
File Format	PDF
ISSN	00303887
Journal	OPSEARCH
Volume Number	52
Issue Number	1
e-ISSN	09750320
Language	English
Publisher	Springer India
Publisher Date	2013-12-28
Publisher Place	India
Access Restriction	One Nation One Subscription (ONOS)
Subject Keyword	Variable production cost Time dependent holding cost Partial backlogging Inflation Inventory, storage, reservoirs Operations Research/Decision Theory Management/Business for Professionals Mathematics
Content Type	Text
Resource Type	Article
Subject	Management Science and Operations Research Management Information Systems Information Systems Computer Science Applications

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