Two-warehouse production model for deteriorating inventory items with stock-dependent demand under inflation over a random planning horizon |
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Authors: | Debasis Das Mohuya B. Kar Arindam Roy Samarjit Kar |
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Affiliation: | 1. Department of Mathematics, National Institute of Technology, Durgapur, West Bengal, 713209, India 2. Department of Computer Science and Engineering, Heritage Institute of Technology, Kolkata, West Bengal, 700107, India 3. Department of Computer Science, Prabhat Kumar College, Contai, Purba-Medinipur, West Bengal, 721401, India
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Abstract: | This paper develops a production-inventory model for a deteriorating item with stock-dependent demand under two storage facilities over a random planning horizon, which is assumed to follow exponential distribution with known parameter. The effects of learning in set-up, production, selling and reduced selling is incorporated. Different inflation rates for various inventory costs and time value of money are also considered. A hybrid genetic algorithm is designed to solve the optimization problem which is hard to solve with existing algorithms due to the complexity of the decision variable. To illustrate the model and to show the effectiveness of the proposed approach a numerical example is provided. A sensitivity analysis of the optimal solution with respect to the parameters of the system is carried out. |
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