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- W2187151455 abstract "An Economic Production Quantity (EPQ) model is an inventory control model that determines the amount of product to be produced on a sin- gle facility so as to meet a deterministic demand over an infinite planning horizon. In all inventory models a general assumption is that products generated have indefinitely long lives. In general, almost all items deteriorate over time. Often the rate of deterioration is low and there is little need to consider the deteriora- tion in the determination of economic lot size. Nevertheless, there are many products in the real world that are subject to a significant rate of deterioration and age-independent on-going deterioration. In this paper, a dynamic inventory model which is considered with deteriorating production in which each of the pro- duction, the demand and the deterioration rates, as well as all cost parameters are assumed to be general functions of time is considered. The objective is to min- imize the total net inventory cost. The optimal production cycle time and economic production quantity are derived. The relevant model is built, solved. Neces- sary and sufficient conditions for a unique and global optimal solution are derived. An illustrative example is provided and numerically verified. The validation of result, this model was coded in Microsoft Visual Basic 6.0 Index Terms: EOQ, Deterioration, Cycle time, Optimality, Price Discount, Shortages, Demand and Production. —————————— ——————————" @default.
- W2187151455 created "2016-06-24" @default.
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- W2187151455 date "2015-01-01" @default.
- W2187151455 modified "2023-09-24" @default.
- W2187151455 title "Production Inventory Model with Deteriorating Items and Price" @default.
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