Search results for: Madhukar Nagare

Authors: Madhukar Nagare, Pankaj Dutta, Amey Kambli

Abstract:

Perishable goods constitute a large portion of retailer inventory and lose value with time due to deterioration and/or obsolescence. Retailers dealing with such goods required considering the factors of short shelf life and the dependency of sales on inventory displayed in determining optimal procurement policy. Many retailers follow the practice of using two bins - primary bin sales fresh items at a list price and secondary bin sales unsold items at a discount price transferred from primary bin on attaining certain age. In this paper, mathematical models are developed for primary bin and for secondary bin that maximizes profit with decision variables of order quantities, optimal review period and optimal selling price at secondary bin. The demand rates in two bins are assumed to be deterministic and dependent on displayed inventory level, price and age but independent of each other. The validity of the model is shown by solving an example and the sensitivity analysis of the model is also reported.

Keywords: Retail Inventory, Perishable Products, Two Bin, Profitable Sales.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 3507

Authors: Madhukar Nagare, Pankaj Dutta

Abstract:

Inventory decisional environment of short life-cycle products is full of uncertainties arising from randomness and fuzziness of input parameters like customer demand requiring modeling under hybrid uncertainty. Prior inventory models incorporating fuzzy demand have unfortunately ignored stochastic variation of demand. This paper determines an unambiguous optimal order quantity from a set of n fuzzy observations in a newsvendor inventory setting in presence of fuzzy random variable demand capturing both fuzzy perception and randomness of customer demand. The stress of this paper is in providing solution procedure that attains optimality in two steps with demand information availability in linguistic phrases leading to fuzziness along with stochastic variation. The first step of solution procedure identifies and prefers one best fuzzy opinion out of all expert opinions and the second step determines optimal order quantity from the selected event that maximizes profit. The model and solution procedure is illustrated with a numerical example.

Keywords: Fuzzy expected value, Fuzzy random demand, Hybrid uncertainty, Optimal order quantity, Single-period inventory

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2019

Authors: Suvradip Mullick, Yuvraj K. Madhukar, Subhranshu Roy, Ashish K. Nath

Abstract:

We present the development of a new underwater laser cutting process in which a water-jet has been used along with the laser beam to remove the molten material through kerf. The conventional underwater laser cutting usually utilizes a high pressure gas jet along with laser beam to create a dry condition in the cutting zone and also to eject out the molten material. This causes a lot of gas bubbles and turbulence in water, and produces aerosols and waste gas. This may cause contamination in the surrounding atmosphere while cutting radioactive components like burnt nuclear fuel. The water-jet assisted underwater laser cutting process produces much less turbulence and aerosols in the atmosphere. Some amount of water vapor bubbles is formed at the laser-metal-water interface; however, they tend to condense as they rise up through the surrounding water. We present the design and development of a water-jet assisted underwater laser cutting head and the parametric study of the cutting of AISI 304 stainless steel sheets with a 2 kW CW fiber laser. The cutting performance is similar to that of the gas assist laser cutting; however, the process efficiency is reduced due to heat convection by water-jet and laser beam scattering by vapor. This process may be attractive for underwater cutting of nuclear reactor components.

Keywords: Laser, underwater cutting, water-jet.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 4659