DEVELOPMENT OF AN INTEGRATED PRODUCTION INVENTORY MODEL FOR A MULTISTAGE SERIAL SYSTEM
AbstractThis paper presents the development of an integrated production inventory model for multistage serial system. The model seeks to determine simultaneously the optimal production and procurement policies through minimization of time averaged variable cost of production. The cycle concept of instantaneous multistage production inventory system is extended for non-instantaneous production and integrated with concept of inventory models with cost changes. Integer multiple parameters are used as a check factor for cost minimization. A numerical example is also presented.
KeyWords Inventory, Production, Optimization, Modeling
[Global Jnl Engineering Res. Vol.1(1) 2002: 1-10]