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Search results for: Susovan Chakrabortty
1 Solution of Interval-valued Manufacturing Inventory Models With Shortages
Authors: Susovan Chakrabortty, Madhumangal Pal, Prasun Kumar Nayak
Abstract:
A manufacturing inventory model with shortages with carrying cost, shortage cost, setup cost and demand quantity as imprecise numbers, instead of real numbers, namely interval number is considered here. First, a brief survey of the existing works on comparing and ranking any two interval numbers on the real line is presented. A common algorithm for the optimum production quantity (Economic lot-size) per cycle of a single product (so as to minimize the total average cost) is developed which works well on interval number optimization under consideration. Finally, the designed algorithm is illustrated with numerical example.Keywords: EOQ, Inventory, Interval Number, Demand, Production, Simulation
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