Optimal inventory control for ameliorating, deteriorating items under time varying demand condition
Journal: JOURNAL OF SOCIAL SCIENCES RESEARCH (Vol.3, No. 1)Publication Date: 2014-02-15
Authors : Umakanta Misra; Srichandan Mishra; Minakshi Mallick; S Paikrav;
Page : 166-174
Keywords : Amelioration; Time varying Demand; Optimal control; Inventory system;
Abstract
In this paper we discuss the development of an inventory model for ameliorating items such as fast growing animals like duck, pigs, broiler? in poultry farm, high-bred fishes with instantaneous replenishment? for the above type of items under cost minimization. A time varying type of demand rate with infinite time horizon, constant deterioration and without shortage is considered for the model. The result is illustrated with numerical example.
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