Two-warehouse production model for deteriorating inventory items with stock-dependent demand under inflation over a random planning horizon
Debasis Das (),
Mohuya Kar (),
Arindam Roy () and
Samarjit Kar ()
Central European Journal of Operations Research, 2012, vol. 20, issue 2, 251-280
This paper develops a production-inventory model for a deteriorating item with stock-dependent demand under two storage facilities over a random planning horizon, which is assumed to follow exponential distribution with known parameter. The effects of learning in set-up, production, selling and reduced selling is incorporated. Different inflation rates for various inventory costs and time value of money are also considered. A hybrid genetic algorithm is designed to solve the optimization problem which is hard to solve with existing algorithms due to the complexity of the decision variable. To illustrate the model and to show the effectiveness of the proposed approach a numerical example is provided. A sensitivity analysis of the optimal solution with respect to the parameters of the system is carried out. Copyright Springer-Verlag 2012
Keywords: Two-warehouse; Stock-dependent demand; Learning effect; Inflation and time value of money; Random planning horizon; Hybrid genetic algorithm (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:spr:cejnor:v:20:y:2012:i:2:p:251-280
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