An Extension to the Economic Production Quantity Problem with Deteriorating Products Considering Random Machine Breakdown and Stochastic Repair Time

Poursoltan, Lily; Seyedhosseini, Seyed Mohammad; Jabbarzadeh, Armin

doi:10.5829/ije.2020.33.08b.15

Cited by 3 publications

(2 citation statements)

References 44 publications

(55 reference statements)

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“…Moghdani 24) integrated sustainability concerns with pricing and inventory decisions for degrading items. Also, some researchers studided other aspects of EPQ issue (25)(26)(27). Figure 1 illustrates the number of papers published in this regard.…”

Section: Literature Reviewmentioning

confidence: 99%

Bi-objective Economic Production Quantity with Partial Backordering under Uncertainty

Najafi,

Ghodratnama,

Pasandideh

et al. 2024

IJE

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The economic production quantity (EPQ) model considers the production rate, demand rate, setup costs, holding costs, and shortage costs to find the production quantity that minimizes the sum of these costs. The goal is to balance the costs associated with production, holding inventory, and potential shortages. In this paper, two objectives include the costs of production and ordering and others in a separate objective function. In the objectives of the other costs, The cost of storage space as a supply is defined to be minimized. This study considers scrap and reworks in the EPQ model. This inventory model accounts for many items on a single machine. The production capacity is reduced, and there are shortages when only one machine exists. By determining the quantities of the products produced by the manufacturing facility, the storage space for each product, cycle time, and product scarcity, we can reduce both the overall cost and the supply cost of warehouse space due to non-linearity and the inability to solve commercial software in large dimensions, a multi-objective meta-heuristic algorithm, namely the non-dominated sorting genetic algorithm (NSGA-II), is used. The findings are further validated using the non-dominated ranking genetic algorithm (NRGA). Also, the obtained Pareto front is studied with several indicators. To perform these two algorithms at the best condition, we employed the Taguchi approach and related orthogonal arrays and performed algorithms for each array considering several factors. Also, to validate the mathematical model, we used the augmented epsilon-constraint method executed in the GAMS environment. It is clear that GAMS commercial software yields better results; however, these two algorithms are justifiable when the problem becomes bigger. Finally, by performing a sensitivity analysis for these indicators and the objective functions, the behavior of the proposed algorithms is compared and examined in detail. Also, the superior algorithm is chosen using the TOPSIS as a multi-criteria decision-making method. Numerical examples show how the presented model and the proposed algorithms may be used efficiently. A surveying literature review clarifies that the related objective functions, constraints, and solution approaches have not been investigated until now.

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Section: Literature Reviewmentioning

confidence: 99%

Bi-objective Economic Production Quantity with Partial Backordering under Uncertainty

Najafi,

Ghodratnama,

Pasandideh

et al. 2024

IJE

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“…Pousoltan et al 2) proposed the EPQ Model by considering stochastic machine breakdown and fix moment with random deterioration items and they studied the entire expense examination for various production time. Such imperfect things will influence accessible stock levels, making deficiencies and requiring changes to the repetition of orders.…”

Section: Introductionmentioning

confidence: 99%

An Economic Inventory Model Comparing Stock Dependent and Fixed Demand for Random Machine Breakdown, Repair Time and Deterioration

Sharma¹,

Singh²,

Pandey³

et al. 2023

Evergreen

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In this article, effect of random machine breakdown along with random repair time for a manufacture unit exposed to exponentially decreasing rate due to machine breakdown. Production is taken as directly proportional to demand and greater than demand. The model is proposed for demand as stock dependent and also for fixed demand. The unit is also producing deteriorating items. Comparison of expected lost sale cost has been made by considering demand as stock dependent and then as fixed. Using uniform probability density function expected manufacturing time is estimated. The work is done to compare both the demands and then come to a decision for the manufacture system to optimize the expected overall cost with respect to time, subjected to random machine breakdown. To summarize the model a numerical example is also discussed.

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Sustainable production model with stochastic machine breakdown using smart manufacturing under circular economy

Saxena,

Kumar,

Sana

2023

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<abstract> <p> This study examines the aftermarket performance of high-green and low-green IPO and how green IPOs can optimize portfolio allocation. We assume the higher level of greenness increases investors’ participation in IPOs. To this end, we develop the utility function and determine that investors prefer to participate in new issues when firms account for the greenness measures. This study proposes the global aspects of green measure: the desired level of greenness a firm maintains. We find that IPOs in our sample are far below the global standards of greenness. This evidence suggests they must adopt the necessary actions to make the environment green. Another significant contribution of this study is to measure the performance of high and low-green IPOs in short- and long-run horizons. This study reveals that high-green IPOs are less underpriced. This study estimates the effect of greenness on initial returns and find an inverse relationship that suggests that high-green IPOs are less underpriced due to lower risk associated with new issues. In terms of measuring a longer-term performance, this study determines that high-green IPOs underperform less than low-green IPOs. </p> </abstract>

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An Extension to the Economic Production Quantity Problem with Deteriorating Products Considering Random Machine Breakdown and Stochastic Repair Time

Cited by 3 publications

References 44 publications

Bi-objective Economic Production Quantity with Partial Backordering under Uncertainty

Bi-objective Economic Production Quantity with Partial Backordering under Uncertainty

An Economic Inventory Model Comparing Stock Dependent and Fixed Demand for Random Machine Breakdown, Repair Time and Deterioration

Sustainable production model with stochastic machine breakdown using smart manufacturing under circular economy

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