An EPQ model with inflation in an imperfect production system

Sarkar, Biswajit; Moon, Ilkyeong

doi:10.1016/j.amc.2010.12.098

Cited by 145 publications

(64 citation statements)

References 48 publications

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“…An inventory model with deteriorating items and permissible delay in payments under inflation was analyzed by Liao et al (2000). Sarkar and Moon (2011) proposed an EPQ model under the effect of inflation with imperfect production. considered a warehouse imperfect fuzzified production model with shortages under inflationary conditions.…”

Section: Introductionmentioning

confidence: 99%

A reverse logistic inventory model for imperfect production process with preservation technology investment under learning and inflationary environment

Jawla¹,

Singh²

2016

10.5267/j.uscm

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This paper presents a unified multi items general inventory model for integrated production of new items and remanufacturing of returned and defected items for a finite planning horizon. In this paper, a production model that takes into account learning, instantaneous deterioration rate and inflation is proposed. In addition, we also consider that the holding cost is a non-negative, non-decreasing and continuous function of time. In this model, the preservation technology is used to reduce the rate of product deterioration. A theory is developed to find the optimal solution of the proposed model; it is then exemplified with the help of several numerical examples. An efficient solution procedure is also provided to find the optimal strategy. Finally, sensitivity of the optimal solution to changes in the values of different parameters of the system and the convexities of the cost functions are also studied and represented through the graphs.

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Section: Introductionmentioning

confidence: 99%

A reverse logistic inventory model for imperfect production process with preservation technology investment under learning and inflationary environment

Jawla¹,

Singh²

2016

10.5267/j.uscm

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“…Jaggi et al [35] considered a deteriorating inventory model under inflationary conditions using a discounted cash flow (DCF) approach over a finite planning horizon. Sarkar and Moon [36] extended an economic production quantity (EPQ) model with inflation in an im-perfect production system. Sarkar et al [37] [38] developed two inventory models for imperfect production with inflation and time value of money.…”

Section: Introductionmentioning

confidence: 99%

Mitigation of High-Tech Products with Probabilistic Deterioration and Inflations

Sarkar¹,

Sett²,

Goswami³

et al. 2015

AJIBM

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This paper describes a deteriorating inventory model with ramp-type demand pattern under stock-dependent consumption rate. The deterioration of the product is considered as probabilistic to make the research a more realistic one. The proposed model assumes partially backorder rate which follows a negative exponential with the waiting time. The effect of inflation and time value of money are incorporated into the model. The purpose of this study is to develop an optimal replenishment policy so that the total profit is maximized. We provide a simple solution procedure to obtain the optimal solutions. Numerical examples along with graphical representations are provided to illustrate the model. Sensitivity analysis of the optimal solution with respect to key parameters of the model has been carried out and the implications are discussed.

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“…Urban and Baker [24] investigated a deterministic inventory problem in which the demand is a multivariate function of price, time and inventory level. Sarkar and Moon [20] developed an EPQ model with inflation in an imperfect production system It is noted that the literature herein rarely considers the cases with multiple price changes, when the demand is price and stock dependent. Also changing price multiple number of times involve certain costs such as changing tags of the items,advertising the new costs to make the customers aware of the new lucrative price etc.…”

Section: Introductionmentioning

confidence: 99%

An Inventory Model for Deteriorating Items with Stock and Price Sensitive Demand

Chowdhury

Ghosh²,

Chaudhuri

2014

Int. J. Appl. Comput. Math

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It is commonly seen that racks overflowing with large quantity of commodities, displayed in the market attracts more customers. This behavior of the customer suggests that demand varies in proportion with stock level. Also the inventory is subjected to deterioration which leads to some amount of loss to the firm.Taking all these points under consideration,a firm should seriously think of its pricing and ordering strategy, as the demand is highly influenced by the selling price and the inventory level of the commodity. This paper aims to develop an inventory model for finding the strategy for a firm that sells a seasonal item over a finite planning time. Keeping in mind the deterioration rate,the purpose of the paper is to develop a model which maximizes the firm's expected profit by determining the optimal ordering quantity and price setting/changing strategy.

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An EPQ model with inflation in an imperfect production system

Cited by 145 publications

References 48 publications

A reverse logistic inventory model for imperfect production process with preservation technology investment under learning and inflationary environment

A reverse logistic inventory model for imperfect production process with preservation technology investment under learning and inflationary environment

Mitigation of High-Tech Products with Probabilistic Deterioration and Inflations

An Inventory Model for Deteriorating Items with Stock and Price Sensitive Demand

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