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Production–shipment policy for EPQ model with quality assurance and an improved delivery schedule

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  • Singa Wang Chiu
  • Chien-Hua Lee
  • Feng-Tsung Cheng
  • Chia-Kuan Ting

Abstract

This article is concerned with determining the production–shipment policy for an economic production quantity model with quality assurance and an improved delivery schedule. We extend a recent work by Chiu et al. [Y.-S.P. Chiu, C.-A.K. Lin, H.-H. Chang, and V. Chiu, Mathematical modeling for determining economic batch size and optimal number of deliveries for EPQ model with quality assurance, Math. Comput. Model. Dyn. Sys. 16 (4) (2010), pp. 373–388] by incorporating an alternative delivery plan that aims at lowering the inventory holding cost for both supplier and buyer in such an integrated inventory system. Mathematical modelling along with Hessian matrix equations is used, and as a result the optimal production batch size and optimal number of deliveries are derived. A numerical example is provided to demonstrate the practical use of the results and the significant savings in stock holding costs for both vendor and buyer.

Suggested Citation

  • Singa Wang Chiu & Chien-Hua Lee & Feng-Tsung Cheng & Chia-Kuan Ting, 2013. "Production–shipment policy for EPQ model with quality assurance and an improved delivery schedule," Mathematical and Computer Modelling of Dynamical Systems, Taylor & Francis Journals, vol. 19(4), pages 344-352.
    • Handle: RePEc:taf:nmcmxx:v:19:y:2013:i:4:p:344-352
    DOI: 10.1080/13873954.2013.763282
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    Cited by:

    1. Chiu, Yuan-Shyi Peter & Chang, Huei-Hsin, 2014. "Optimal run time for EPQ model with scrap, rework and stochastic breakdowns: A note," Economic Modelling, Elsevier, vol. 37(C), pages 143-148.

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