Innovative Study of EPQ Model with Time Induced Demand under Decline Release Policy

• Main Authors: Rakesh Prakash Tripathi, Sachin Mishra
• Format: Article
• Language: English
• Published: Kharazmi University 2019-08-01
• Series: International Journal of Supply and Operations Management
• Subjects: production; demand; inventory; lot- size; reduction; total cost
• Online Access: http://www.ijsom.com/article_2794_c486b43ec1eada9f0790d6bf2084b919.pdf

In this paper production inventory (EPQ) model by means of incorporate cost diminution release strategy is considered. Production and demand both are simultaneous process in the real world Production and demand rate are considered to be time- linked. Two models (i) production inventory and (ii) manufacture inventory model in the midst of amalgamating cost decline delivery procedure are discussed. Mathematical formulations are provided to find optimal solution for both models. The objective of this study is to obtain optimal order measure to examine the outcome of lessening for cost release plan in the EPQ model. Best possible fabrication lot size model is developed that diminishes total cost. The sensitivity analysis is discussed for variation of different parameters.