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Two-warehouse production model for deteriorating inventory items with stock-dependent demand under inflation over a random planning horizon

Author

Listed:
  • Debasis Das
  • Mohuya Kar
  • Arindam Roy
  • Samarjit Kar

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. Copyright Springer-Verlag 2012

Suggested Citation

  • Debasis Das & Mohuya Kar & Arindam Roy & Samarjit Kar, 2012. "Two-warehouse production model for deteriorating inventory items with stock-dependent demand under inflation over a random planning horizon," Central European Journal of Operations Research, Springer;Slovak Society for Operations Research;Hungarian Operational Research Society;Czech Society for Operations Research;Österr. Gesellschaft für Operations Research (ÖGOR);Slovenian Society Informatika - Section for Operational Research;Croatian Operational Research Society, vol. 20(2), pages 251-280, June.
    • Handle: RePEc:spr:cejnor:v:20:y:2012:i:2:p:251-280
    DOI: 10.1007/s10100-010-0165-4
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    References listed on IDEAS

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    1. Ray, J. & Chaudhuri, K. S., 1997. "An EOQ model with stock-dependent demand, shortage, inflation and time discounting," International Journal of Production Economics, Elsevier, vol. 53(2), pages 171-180, November.
    2. Moon, Ilkyeong & Lee, Suyeon, 2000. "The effects of inflation and time-value of money on an economic order quantity model with a random product life cycle," European Journal of Operational Research, Elsevier, vol. 125(3), pages 588-601, September.
    3. Jaber, M.Y. & Goyal, S.K. & Imran, M., 2008. "Economic production quantity model for items with imperfect quality subject to learning effects," International Journal of Production Economics, Elsevier, vol. 115(1), pages 143-150, September.
    4. Yang, Hui-Ling, 2004. "Two-warehouse inventory models for deteriorating items with shortages under inflation," European Journal of Operational Research, Elsevier, vol. 157(2), pages 344-356, September.
    5. Jaber, Mohamad Y. & Bonney, Maurice, 2001. "Economic lot sizing with learning and continuous time discounting: Is it significant?," International Journal of Production Economics, Elsevier, vol. 71(1-3), pages 135-143, May.
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    Cited by:

    1. Janssen, Larissa & Claus, Thorsten & Sauer, Jürgen, 2016. "Literature review of deteriorating inventory models by key topics from 2012 to 2015," International Journal of Production Economics, Elsevier, vol. 182(C), pages 86-112.
    2. A. K. Manna & B. Das & J. K. Dey & S. K. Mondal, 2018. "An EPQ model with promotional demand in random planning horizon: population varying genetic algorithm approach," Journal of Intelligent Manufacturing, Springer, vol. 29(7), pages 1515-1531, October.
    3. Pal, Shilpi & Mahapatra, G.S. & Samanta, G.P., 2014. "An EPQ model of ramp type demand with Weibull deterioration under inflation and finite horizon in crisp and fuzzy environment," International Journal of Production Economics, Elsevier, vol. 156(C), pages 159-166.

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