We constantly fix both the demand amount and the output quantity every day in order to solve the economic production quantity (EPQ). However, in the actual world, output is largely based on demand. This work develops a production model for a lot-size inventory system with limited production rate, taking into account decay and the condition of allowable payment delay. If the outstanding amount is paid within the allowed predetermined settlement period, no interest is usually levied. As a result, it makes financial sense for the client to postpone the settlement of the replenishment account until the very last instant of the supplier's authorised time. Shortages are allowed and fully backordered in this model. The goal of this study is to look at an EPQ model that has Weibull distribution deterioration and assumes an exponential demand rate. Production is based on demand in this case. The goal of this research is to look into a possible computing scheme for the EPQ. A numerical example is used to demonstrate the model.
Author(S) Details
S. Sarkar
Department of Basic Science, NSHM Knowledge Campus Durgapur, India
T. Chakrabarti
Department of Applied Mathematics, University of Calcutta, 92, APC Road, Kolkata-700009, India.
View Book:- https://stm.bookpi.org/RAMRCS-V8/article/view/5748
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