2024, Vol. 5, Issue 2, Part B
A dual-rate production inventory model for deteriorating items: Addressing shortages with variable production cycles
Author(s): Hariom, Dharamender Singh, Kailash Chandra Sharma and Krapal Singh
Abstract: The dual-rate production inventory model for deteriorating items addresses the complexities of managing inventory for products that have a finite shelf life and are subject to deterioration. This model incorporates two production rates: a higher rate during periods of high demand and a lower rate when demand decreases, allowing for more flexible inventory management. It also accounts for variable production cycles, enabling firms to adjust production schedules dynamically to minimize costs associated with holding, ordering, and deterioration, while also considering potential shortages. By optimizing the switching time between production rates and the length of production cycles, the model aims to balance inventory levels, reduce wastage, and improve service levels. The model's approach to handling shortages through variable production cycles provides a strategic framework for businesses to enhance inventory control, particularly in industries dealing with perishable goods, ensuring better responsiveness to market demand and cost efficiency.
DOI: https://doi.org/10.22271/math.2024.v5.i2b.152
Pages: 91-96 | Views: 112 | Downloads: 51
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How to cite this article:
Hariom, Dharamender Singh, Kailash Chandra Sharma and Krapal Singh. A dual-rate production inventory model for deteriorating items: Addressing shortages with variable production cycles. Journal of Mathematical Problems, Equations and Statistics. 2024; 5(2): 91-96. DOI: 10.22271/math.2024.v5.i2b.152