Development of Some Production Inventory Models Considering Various Real Life Issues

Abstract

Since the inception of the classical Economic Order Quantity (EOQ) model and the newlineEconomic Production Quantity (EPQ) model decades ago, researchers have extended newlinethese by introducing different real-life business scenarios. The market condition for newlinevarious industrial products is changing day by day. The managers of production firms newlinehave to take managerial decisions in a more complex situation nowadays. The primary newlineaim of the thesis is to develop some realistic production inventory models under several newlinemodern-day market issues and environmental issues and thus to provide some better newlineinsights to real-life production managers. newlineThe classical EPQ model considers the demand rate for a particular product as a fixed newlinequantity. However, this is not the exact case in reality. There are several factors like newlinethe selling price of the product, the on-hand stock level of the product in a supermarket, newlinetime, advertising effort, etc. influencing the purchasing decision of the consumers. In newlinethe case of some high-tech products, the quality of the product as well as the quality of newlinesome similar kind of product previously manufactured by the same company are also newlineimportant in generating demand. Again, in the case of some green products, the degree newlineof greenness, the government s subsidy for green products, etc play important roles in newlinedetermining the demand for those products. In this thesis, we have formulated various newlineProduction Inventory Models (PIM) under the above-mentioned demand patterns. Also, newlinethe issue of defective production during the manufacturing process and their repairing newlineprocess has been considered while formulating the PIMs.