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Optimizing Inventory Policy for Time-Dependent Demand with Imperfect Items
Kavitha
Pages: 1-29
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First Published: 05 Oct 2022
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Abstract
Through this paper, an inventory model is proposed for a manufacturing process which produces perfect and after some time imperfect items. It’s been assumed that demand is time-dependent and production is greater than demand. The rate of production of items is directly affected by demand. A further assumption is made that the system starts producing imperfect items after some time of operation due to various factors. For imperfect items, collection and repair work has been considered which optimizes the inventory. Repair of the imperfect items starts when regular production stops. Using the concepts of differential calculus, the optimum inventory is obtained to capitalize on the profit and reduce the cost. An example is discussed to demonstrate the theory.
Keyword: inventory optimization, imperfect items, mathematical modeling, repaired items.
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