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Optimal ordering policies in economic production quantity model with exponential time - dependent demand and diminishing release strategy

Author

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  • R.P. Tripathi
  • Manjit Kaur

Abstract

Demand for any product at a given price is its quantity, which will be bought or sold per unit of time at that price. The demand of any type of item depends on production produced by manufacturer. The food preparation and cooking in restaurants and hotels depend on customer's demand. In this study, an EPQ model for exponential demand is established. The production rate is considered to be greater than demand rate. The mathematical model is offered to locate the best possible lot size, cycle time and total cost. It is also measured that the production rate is larger to demand rate. The model is certified using numerical example. The sensitivity analysis is conversed for variation of a number of parameters. It is also shown that the total cost is convex with respect to time. Mathematica 7.0 software is used for finding the numerical outcomes. The paper categorises research leanings and comprises numerous submissions for future research directions.

Suggested Citation

  • R.P. Tripathi & Manjit Kaur, 2023. "Optimal ordering policies in economic production quantity model with exponential time - dependent demand and diminishing release strategy," International Journal of Logistics Systems and Management, Inderscience Enterprises Ltd, vol. 45(3), pages 317-329.
    • Handle: RePEc:ids:ijlsma:v:45:y:2023:i:3:p:317-329
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