In this paper, we have developed an economic production quantity (EPQ) model in which production is executed mainly by the original machine. But when the system faces disruption, the buffer of it continues the production. Here, we incorporate a fixed Safe Period running policy, in which the machine runs interruptedly, whenever production commences. The disruption of the system may occur at any moment of the time horizon over the safe period, and then, it will go under the corrective maintenance policy. Here, we take that both of the time of disruption and period of maintenance are continuous random variables. We have discussed the model under different safe period duration with corresponding disruption situations. Our main objective is to minimize the expected average total cost for all the cases concerning the production lot size. The model has also been illustrated numerically with some examples. To examine the robustness of the solution of this model, we discuss the sensitivity analysis for the parameters.
This study illustrates inventory associated with deteriorating items. Nowadays the incident deterioration has a major impact on the preservation of goods in terms of handling inventory. The significant effect of deterioration has been observed on volatile liquids, fish, vegetables, etc. Here a mathematical model is presented incorporating the effect of deterioration. The model has been developed on an infinite time horizon. The shortage is allowed and backlogged partially. We aim to find out lot-size and back-ordered quantities in order to minimize the total average cost. In support of the proposed model, a numerical example has been provided. The stability of the solution of that example has been confirmed by performing a sensitivity analysis of key parameters. A graphical representation of cost function regarding decision variables has been displayed.
This work proposes a mathematical model based on the inventory of non-instantaneous deteriorating items. Effects associated with the investment in preservation technology have been considered in the proposed model. The objective of the aforesaid model is to determine optimal profit concerning two decisions variables. They are the length of the inventory cycle and the amount of investment regarding preservation technology. A numerical example has been exhibited in the support of this model. Maximization of profit function has been ensured numerically as well as graphically. Possible future extension of this model has also been indicated.
This work examines the effect of pricing strategy in a supply chain consists of two members namely supplier and retailer. The supplier provides a credit period to the retailer. The retailer also provides a trade credit period to the customer within cycle length. A collaborative approach between two members is considered. The ultimate objective is to find maximum profit for the integrated system.
As days are progressing the effect of global warming increases rapidly through-out the world. It is a bigger threat for not only human being but also for the whole animal kingdom. If we look deeply into the reason behind global warming, there are some gases behind it. In this regard, the most harmful gas which is responsible for global warming is 𝑪𝒐𝟐 . Emission of carbon from different industry helps in formation of 𝑪𝒐𝟐. So, utility of carbon emission reduction technology is indispensible for both developed and developing countries. Different Governments consider the act of reduction of carbon emission level by applying some technology as a social responsibility. Very often this technology is termed as Green technology. Also, in many situations upper bound of carbon emission level is specified to arisen more consciousness among the people. A mathematical model has been framed incorporating Green technology. Solution procedure under different structures is discussed. Numerical example has been provided illustrating this model.
This article investigates the effect of implementation of two types of payment scheme to the customer by a retailer in an inventory system. Our study is to determine optimal cycle time and selling price of a commodity when two types of payment scheme namely immediate payment scheme as well as trade credit policy are available to the customer. In reality, two trends of payment scheme are available in business world. Some people want to pay immediately after purchase while some favors some time delay in payment. From retailer’s point of view, in many situations, retailer faces scarcity of capital to start his business. Now- a- day bank loan is available to the retailer at ease. We formulate a mathematical model keeping in mind all these things. Two tier credit policies have been considered. First of all, bank offers a delay period to repay loan. Secondly, retailer also offers a credit period to customer. Different cases possible owing to variable duration of credit periods. Our ultimate goal is to optimize retailer’s profit for different cases arisen in the model. A numerical example has been posed and discussed in support of the model.
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