Optimal production stopping and restarting times for an economic order quantity model with deteriorating items

Optimal production stopping and restarting times for an economic order quantity model with deteriorating items

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Article ID: iaor19992200
Country: United Kingdom
Volume: 49
Issue: 12
Start Page Number: 1288
End Page Number: 1295
Publication Date: Dec 1998
Journal: Journal of the Operational Research Society
Authors: ,
Keywords: production
Abstract:

A perishable single item production–inventory system is studied in this paper. The objective is to describe a general model in which the production rate, the product demand rate, and the item deterioration rate are all considered as functions of time, and to discuss the optimal production stopping and restarting times which minimise the total relevant cost per unit time. In the general model, demand shortage is allowed, where some of the demand is lost and the rest is backlogged. Popular models, such as the pure inventory system and the zero shortage system, are shown to be special cases of our model. The conditions for a feasible stationary point to be optimal are given. The simplest cases with constant rates of production, demand and deterioration are discussed and shown as illustrative examples.

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