IDEAS home Printed from https://ideas.repec.org/a/spr/opsear/v57y2020i2d10.1007_s12597-019-00407-x.html
   My bibliography  Save this article

Optimal time-dependent production policy under random time horizon

Author

Listed:
  • J. N. Roul

    (Patha Bhavana, Visva-Bharati
    National Institute of Technology)

  • K. Maity

    (Mugberia Gangadhar Mahavidyalaya)

  • S. Kar

    (National Institute of Technology)

  • M. Maiti

    (Vidyasagar University)

Abstract

A production inventory model with linearly time dependent production rate to a certain period and then with constant production rate is developed in random time horizon under inflation and time value of money. It is assumed that time period i.e. business period is random and follows exponential distribution with known mean. Demand is linearly stock-dependent. With experience unit production cost decreases with cycles and a part of the set up cost decreases with time. Here also holding and set up costs are imprecise and the optimistic/pessimistic equivalent of fuzzy objective function is obtained by using possibility/necessity measure of fuzzy event. The model is formulated as a cost minimization problem for a production controlled inventory system and solved with the help of GRG (LINGO-14.0) technique(cf. Gabriel and Ragsdell in AMSE J Eng Ind 99:384–00, 1977). The results of the models are obtained for some numerical data and then presented in tabular forms. Some sensitivity analyses are presented for the expected total cost of a model with respect to demand, combined effect of inflation, the time value of money and mean value of time horizon distribution. In real-life the inventory parameters are uncertain. Here in general format, a production controlled inventory model is formulated with imprecise data and made crisp using fuzzy measures in both optimistic and pessimistic senses. It is shown numerically that cost in pessimistic sense is more than that in optimistic sense.

Suggested Citation

  • J. N. Roul & K. Maity & S. Kar & M. Maiti, 2020. "Optimal time-dependent production policy under random time horizon," OPSEARCH, Springer;Operational Research Society of India, vol. 57(2), pages 391-413, June.
    • Handle: RePEc:spr:opsear:v:57:y:2020:i:2:d:10.1007_s12597-019-00407-x
    DOI: 10.1007/s12597-019-00407-x
    as

    Download full text from publisher

    File URL: http://link.springer.com/10.1007/s12597-019-00407-x
    File Function: Abstract
    Download Restriction: Access to the full text of the articles in this series is restricted.
    File URL: https://libkey.io/10.1007/s12597-019-00407-x?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Hariga, M. A. & Ben-Daya, M., 1996. "Optimal time varying lot-sizing models under inflationary conditions," European Journal of Operational Research, Elsevier, vol. 89(2), pages 313-325, March.
    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. N. K. Mahapatra & M. Maiti, 2006. "Production–Inventory Model For A Deteriorating Item With Imprecise Preparation Time For Production In A Finite Time Horizon," Asia-Pacific Journal of Operational Research (APJOR), World Scientific Publishing Co. Pte. Ltd., vol. 23(02), pages 171-192.
    4. Alfares, Hesham K., 2007. "Inventory model with stock-level dependent demand rate and variable holding cost," International Journal of Production Economics, Elsevier, vol. 108(1-2), pages 259-265, July.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Tapan Kumar Datta & Sayantan Datta & Adrijit Goswami, 2024. "A sustainable bi-objective inventory model with source-based emissions and plan-based green investments under inflation and the present value of money," Operations Research and Decisions, Wroclaw University of Science and Technology, Faculty of Management, vol. 34(1), pages 91-117.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Moon, Ilkyeong & Giri, Bibhas Chandra & Ko, Byungsung, 2005. "Economic order quantity models for ameliorating/deteriorating items under inflation and time discounting," European Journal of Operational Research, Elsevier, vol. 162(3), pages 773-785, May.
    2. Beullens, Patrick & Janssens, Gerrit K., 2011. "Holding costs under push or pull conditions - The impact of the Anchor Point," European Journal of Operational Research, Elsevier, vol. 215(1), pages 115-125, November.
    3. Maryam Ghoreishi & Gerhard-Wilhelm Weber & Abolfazl Mirzazadeh, 2015. "An inventory model for non-instantaneous deteriorating items with partial backlogging, permissible delay in payments, inflation- and selling price-dependent demand and customer returns," Annals of Operations Research, Springer, vol. 226(1), pages 221-238, March.
    4. Pilar I. Vidal-Carreras & Jose P. Garcia-Sabater & Julio J. Garcia-Sabater, 2017. "A practical model for managing inventories with unknown costs and a budget constraint," International Journal of Production Research, Taylor & Francis Journals, vol. 55(1), pages 118-129, January.
    5. Dhanya Shajin & Achyutha Krishnamoorthy & Agassi Z. Melikov & Janos Sztrik, 2022. "Multi-Server Queuing Production Inventory System with Emergency Replenishment," Mathematics, MDPI, vol. 10(20), pages 1-24, October.
    6. Duo Xu & Christopher Gan & Zhaohua Li & Pengcheng Wang, 2021. "Earnings, Working Capital and Dividend Payout: Evidence from the London Stock Exchange," Annals of Economics and Finance, Society for AEF, vol. 22(2), pages 421-449, November.
    7. P. Majumder & U. K. Bera & M. Maiti, 2020. "An EPQ model of substitutable products under trade credit policy with stock dependent and random substitution," OPSEARCH, Springer;Operational Research Society of India, vol. 57(4), pages 1205-1243, December.
    8. 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.
    9. Roy, Arindam & kar, Samarjit & Maiti, Manoranjan, 2010. "A volume flexible production-policy for randomly deteriorating item with trended demand and shortages," International Journal of Production Economics, Elsevier, vol. 128(1), pages 188-199, November.
    10. Al-Amin Khan, Md. & Shaikh, Ali Akbar & Konstantaras, Ioannis & Bhunia, Asoke Kumar & Cárdenas-Barrón, Leopoldo Eduardo, 2020. "Inventory models for perishable items with advanced payment, linearly time-dependent holding cost and demand dependent on advertisement and selling price," International Journal of Production Economics, Elsevier, vol. 230(C).
    11. Hop, Nguyen Van & Tabucanon, Mario T., 2005. "Adaptive genetic algorithm for lot-sizing problem with self-adjustment operation rate," International Journal of Production Economics, Elsevier, vol. 98(2), pages 129-135, November.
    12. Daniela Favaretto & Alessandro Marin & Marco Tolotti, 2023. "A theoretical validation of the DDMRP reorder policy," Computational Management Science, Springer, vol. 20(1), pages 1-28, December.
    13. Horowitz, Ira, 2000. "EOQ and inflation uncertainty," International Journal of Production Economics, Elsevier, vol. 65(2), pages 217-224, April.
    14. Guchhait, Partha & Kumar Maiti, Manas & Maiti, Manoranjan, 2013. "Production-inventory models for a damageable item with variable demands and inventory costs in an imperfect production process," International Journal of Production Economics, Elsevier, vol. 144(1), pages 180-188.
    15. Lo, Sh-Tyan & Wee, Hui-Ming & Huang, Wen-Chang, 2007. "An integrated production-inventory model with imperfect production processes and Weibull distribution deterioration under inflation," International Journal of Production Economics, Elsevier, vol. 106(1), pages 248-260, March.
    16. Shah, Nita H & Soni, Hardik N & Patel, Kamlesh A, 2013. "Optimizing inventory and marketing policy for non-instantaneous deteriorating items with generalized type deterioration and holding cost rates," Omega, Elsevier, vol. 41(2), pages 421-430.
    17. R. Sundararajan & M. Palanivel & S. Vaithyasubramanian, 2023. "On the EOQ Models with Advertisement-Price-Dependent Demand and Quantity Discount with Expiration Date Under Shortage," SN Operations Research Forum, Springer, vol. 4(4), pages 1-31, December.
    18. Sarkar, Biswajit & Sarkar, Sumon, 2013. "An improved inventory model with partial backlogging, time varying deterioration and stock-dependent demand," Economic Modelling, Elsevier, vol. 30(C), pages 924-932.
    19. Mrudul Y. Jani & Manish R. Betheja & Urmila Chaudhari & Biswajit Sarkar, 2021. "Optimal Investment in Preservation Technology for Variable Demand under Trade-Credit and Shortages," Mathematics, MDPI, vol. 9(11), pages 1-12, June.
    20. Debasis Das & Arindam Roy & Samarjit Kar, 2015. "A multi-warehouse partial backlogging inventory model for deteriorating items under inflation when a delay in payment is permissible," Annals of Operations Research, Springer, vol. 226(1), pages 133-162, March.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:spr:opsear:v:57:y:2020:i:2:d:10.1007_s12597-019-00407-x. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.