Abstract
In this study model has been framed to study material cost contributes 50 percent production cost of an organization (i.e Industry). Hence effective inventory control can substantially contribute in a firm’s profit. The objective of this research is to develop and production inventory model for deteriorating items with logarithmic demand and a unique optimal cycle time exists to minimize the annual total relevant cost. A suitable mathematical model is developed and the optimal production lot size which minimizes the total cost is derived. The optimal solution is derived and an illustrative example is provided and numerically verified. The validation of result in this model was coded in C and C++.
Key-Words / Index Term
Operation Management, Inventory Cost, Deteriorating, Cycle time, Break time, Ordering cost, and Holding cost
References
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Citation
Namrata Tripathi, "A Novel Approach for Production Planning for Deteriorating Items with Logarithmic Demand," World Academics Journal of Management, Vol.7, Issue.2, pp.73-80, 2019
