this paper deals with the single machine multi-product lot scheduling problem in which defective items are produced in any production run of each product. we have adopted the common cycle scheduling policy and assumed that the setup times for production of each product can be non-zero. further, we have assumed that defective items will be reworked and the inspection costs during the normal prod...

We consider a single stage production-inventory system whose production and demand rates are modulated by an environment process modeled as a finite state Continuous Time Markov Chain (CTMC). When the inventory level reaches zero, an order is placed from an external supplier, and it arrives instantaneously. We derive an Economic Order Quantity (EOQ ) policy that minimizes the long-run average c...

We consider dynamic pricing and replenishment decisions for a production/inventory system modeled by a make-to-stock queue. The potential customer demand is generated by a MarkovModulated (environment-dependent) Poisson process and the actual demand depends on the price offered at the time of the transaction. Using a Markov Decision Process framework, we obtain results on the structure of the o...

Demand occasionally depends positively on the amount of displayed stock, especially in the case of novelty or impulse purchase items. Such inventory-level dependence of demand rate has been incorporated into some continuous review inventory control models, but only ones with demand rate which does not vary with time, no shortages, infinite production rate and per-unit-time cost minimization. We...

Corresponding Author: Rakesh Prakash Tripathi Department of Mathematics Graphic Era University, Dehradun, India Email: [email protected] Abstract: In real life customers are motivated to buy more if there is more availability of product. In this study, we develop inventory model for inventory dependent demand with different holding cost function. Mathematical formulations are discu...

  This paper aims to evaluate inventory cost of a Two-echelon serial supply chain system under vendor managed inventory program with stochastic demand, and examine the effect of environmental factors on the cost of overall system. For this purpose, we consider a two-echelon serial supply chain with a manufacturer and a retailer. Under Vendor managed inventory program, the decision on inventory ...

This paper presents the new mathematical model for determining the optimal ordering policy for industrial and commercial companies. In the previous research, the numerous inventory models under inflationary conditions have been developed. In these models, the demand rate, usually, has been considered constant and well known, time-varying, stock dependent or price-dependent. But, the demand rate...