Authors: S.K. Goyal; S.R. Singh; Himani Dem
Addresses: Department of Decision Sciences & MIS, John Molson School of Business, Concordia University, Montreal, Quebec, H3G 1M8, Canada ' Department of Mathematics, D.N. College, Meerut – 250001, India ' Department of Mathematics and Statistics, Banasthali University, Banasthali, Rajasthan – 304022, India
Abstract: The present work emphasises on livestock production systems having demand varying according to season. Almost all the inventory models have been developed based on such products assuming that all units ameliorate till the stock lasts. However, we have considered a more practical approach considering the gap between the time up to which the entire produced lot ameliorates and the time up to which stock depletes fully. Seasonal variations are commonly observed in livestock consumption across geographies. Therefore, demand varying production is the key to control the yield to avoid the loss due to overstocking. The purpose of this study is to determine the optimal production running, amelioration and shortage time so as to minimise the total relevant cost of the system. A genetic algorithm (GA) has been scripted to solve the mathematically developed economic production quantity (EPQ) model. Numerical examples and some sensitivity analyses are presented to illustrate the model.
Keywords: production policy; ameliorating items; deteriorating items; ramp type demand; time varying demand; amelioration; shortages; genetic algorithms; livestock production; inventory modelling; overstocking; economic production quantity; EPQ model.
International Journal of Procurement Management, 2013 Vol.6 No.4, pp.444 - 465
Received: 08 May 2021
Accepted: 12 May 2021
Published online: 11 Jun 2013 *