Economic ordering quantity is a commonly accepted inventory management model. Its variant economic production quantity (EPQ) model is also a widely researched inventory model. The number of researchers had developed the EPQ model by considering different parameters, such as shortage, backorder, setup cost, deterioration, constant or linear or power form of the demand, rework, scrap, inspection, machine breakdown, etc. The objective of this paper is to review the literature, identify the gap in literature, develop and expand the knowledge base regarding EPQ models. This state of art paper would act as a guideline for researchers. The wide spectrum of the subject provides interesting future research problems.
This paper derives the optimal cycle time and total cost of an EPQ model with a variable rate of deterioration and mixed demand pattern. Demand is inventory dependent during the inventory buildup time and constant demand has been used for during an inventory depletion period. The rate of deterioration is changing after particular time period. A numerical example has been provided to validate the model. The result of sensitivity analysis indicated that total cycle time and cost are sensitive to production rate, increase in deterioration rate and demand rate.
In routine life lot of items are required to fulfill daily needs. Since from early morning to late night, human being requires lot of consumables. In a family where both are working don't have a time to maintain some of the consumables like grains, vegetables and fruits also to procure them. Most of the consumables deteriorates with respect to time and lose its quality due to deterioration. To maintain the quality of stock of grains required special holding arrangements which contribute to cost. Here attempt has been made to suggest a system which can deliver grocery items to peoples before demand at their places. Design thinking approach has been used to solve the problem. The concept suggested can increase the productivity of the supplier and can have good business opportunities. As customers don't need to visit grocery store so social distancing can be made effectively in situation like
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