A Production Inventory Model in a Random Planning Horizon Incorporating Learning Effects on Inventory Costs Under Inflation and Time Value of Money via Genetic Algorithm

Authors

  • Arindam Roy Department of Computer Science, Prabhat Kumar College, Contai, Purba Medinipur, W.B, India
  • Manas Kumar Maiti Department of Mathematics, Mahishadal Raj College, Mahishadal, Purba-Medinipur, W.B, India

Keywords:

Learning Effect, inflation, time value of money, random planning horizon, genetic algorithm

Abstract

A production inventory model for a new product is developed incorporating inflation and time value of money. It is assumed that lifetime of the product is random in nature and follows exponential distribution with a known mean. So planning horizon of the model is random in nature. Here learning effect on production and set-up cost is incorporated. Model is formulated to maximize the expected profit from the whole plan-ning horizon and is solved using Genetic Algorithm (GA). The model is illustrated with some numerical data. Sensitivity analysis on expected profit function is also presented.

Author Biography

  • Arindam Roy, Department of Computer Science, Prabhat Kumar College, Contai, Purba Medinipur, W.B, India
    Dr. Arindam Roy
    Assistant Professor & Head
    Department of Computer Science
    Prabhat Kumar College, Contai
    Purba Medinipur, Affiliated to Vidyasagar University 
    West Benagl, India
    Pin- 721401

    Phone number: +91 03220-255020(O)
    Fax : +91 03220-255020(O) 
    9434801964 (Mobile)
    E mail : [email protected]
    E mail : [email protected]

References

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Michalewicz Z., Genetic Algorithms + Data Structures= Evolution Programs. Springer, Berlin. 1992.

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Published

2014-07-29

Issue

Vol. 1 No. 2 (2014)

Section

Research Articles

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