Article ID: | iaor20083578 |
Country: | Netherlands |
Volume: | 173 |
Issue: | 1 |
Start Page Number: | 199 |
End Page Number: | 210 |
Publication Date: | Aug 2006 |
Journal: | European Journal of Operational Research |
Authors: | Maiti Manoranjan, Mandal Nirmal Kumar, Roy Tapan Kumar |
Keywords: | programming: geometric |
An inventory model for deteriorating items is built-up with limited storage space. Here, demand rate for the items is finite, items deteriorate at constant rates and are replenished instantaneously. Following economic order quantity model, the problem is formulated with and without truncation on the deterioration term and ultimately is converted to the minimization of a signomial expression with a posynomial constraint. It is solved by modified geometric programming (MGP) method and non-linear programming (NLP) method. The problem is supported by numerical examples. The results from two versions of the model (with and without truncation) and two methods (i.e. MGP and NLP) are compared.