A sustainable three-stage production inventory model with trapezoidal demand and time-dependent holding cost
The economic vitality of a nation is contingent upon the advancement of its manufacturing sectors, given their pivotal role in fostering economic growth. These industries frequently encounter challenges such as mitigating deterioration rates, enhancing revenue and reducing overall costs to optimize...
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| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
| Published: |
Elsevier
2024-12-01
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| Series: | Results in Control and Optimization |
| Subjects: | |
| Online Access: | http://www.sciencedirect.com/science/article/pii/S2666720724001231 |
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| Summary: | The economic vitality of a nation is contingent upon the advancement of its manufacturing sectors, given their pivotal role in fostering economic growth. These industries frequently encounter challenges such as mitigating deterioration rates, enhancing revenue and reducing overall costs to optimize profits. Consequently, should an item deteriorate while in stock within manufacturing facilities, it results in a gradual escalation of holding costs and total expenses. In this paper discusses determining the most effective production policy for items prone to degradation, analyzing depreciating items using three-stage production inventory models with trapezoidal demand to minimize holding costs based on time-dependent factors in the manufacturing sector. This model aims to decrease overall costs and production time periods, contrasting with the higher cost values of the price-based constant method. Mathematical formulas were developed using MATLAB R2023b to validate the models findings and minimize the inventory systems cost. |
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| ISSN: | 2666-7207 |