Artificial Intelligent Systems and Machine Learning

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Optimal Replenishment Policy for Items with Inflation Rate and Time Dependent Demand with Salvage Value


Affiliations
1 Department of Mathematics, PSNA College of Engineering and Technology, Dindigul - 624622, Tamilnadu, India
2 Department of Mathematics, SBM College of Engineering and Technology, Dindigul - 624805, Tamilnadu, India
     

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In this article, we have formulated an optimal replenishment policy for non-instantaneous deteriorating items with inflation rate and time dependent demand. The salvage value associated with the deterioration is also considered. Shortages are allowed and are partially backlogged. Optimal solution of the shortage point, order quantity and cycle time are attained in order to minimize the total cost. Numerical examples are provided for the proposed model.

Keywords

Inventory, Time Dependent Demand, Deterioration, Shortage, Salvage Value.
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  • Optimal Replenishment Policy for Items with Inflation Rate and Time Dependent Demand with Salvage Value

Abstract Views: 301  |  PDF Views: 3

Authors

R. Udayakumar
Department of Mathematics, PSNA College of Engineering and Technology, Dindigul - 624622, Tamilnadu, India
K. V. Geetha
Department of Mathematics, SBM College of Engineering and Technology, Dindigul - 624805, Tamilnadu, India

Abstract


In this article, we have formulated an optimal replenishment policy for non-instantaneous deteriorating items with inflation rate and time dependent demand. The salvage value associated with the deterioration is also considered. Shortages are allowed and are partially backlogged. Optimal solution of the shortage point, order quantity and cycle time are attained in order to minimize the total cost. Numerical examples are provided for the proposed model.

Keywords


Inventory, Time Dependent Demand, Deterioration, Shortage, Salvage Value.