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The Effects Of Inflation And Time Value Of Money On A Production Model With A Random Product Life Cycle

Author

Listed:
  • JONAS C. P. YU

    (Logistics Management Department, Takming University of Science and Technology, Taipei, 114, Taiwan, ROC)

  • HUI-MING WEE

    (Department of Industrial and Systems Engineering, Chung Yuan Christian University, Chungli, 32023, Taiwan, ROC)

  • GEDE A. WIDYADANA

    (Department of Industrial and Systems Engineering, Chung Yuan Christian University, Chungli, 32023, Taiwan, ROC)

  • JER-YUAN CHANG

    (Department of Biotechnology, Yung-Ta Institute of Technology, Ping-Tung, Taiwan, ROC)

Abstract

In Moon and Lee's model (2000), they developed a finite planning horizon economic order quantity (EOQ) model with time value of money and inflation. This paper extends Moon and Lee's model to examine a production system with a random life cycle. Two conditions are discussed: the first is when the product life cycle ends in the production stage and the second is when the product life cycle ends in the non-production stage. We develop an algorithm to derive the optimal period time and expected total cost. Numerical examples and sensitivity analyses are given to validate the results of the production model.

Suggested Citation

  • Jonas C. P. Yu & Hui-Ming Wee & Gede A. Widyadana & Jer-Yuan Chang, 2010. "The Effects Of Inflation And Time Value Of Money On A Production Model With A Random Product Life Cycle," Asia-Pacific Journal of Operational Research (APJOR), World Scientific Publishing Co. Pte. Ltd., vol. 27(04), pages 437-456.
    • Handle: RePEc:wsi:apjorx:v:27:y:2010:i:04:n:s0217595910002788
    DOI: 10.1142/S0217595910002788
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    Cited by:

    1. Amalendu Singha Mahapatra & Hardik N Soni & Maheswar Singha Mahapatra & Biswajit Sarkar & Sanat Majumder, 2021. "A Continuous Review Production-Inventory System with a Variable Preparation Time in a Fuzzy Random Environment," Mathematics, MDPI, vol. 9(7), pages 1-27, March.

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