Title | DISTRIBUTION FREE CONTINUOUS-REVIEW INVENTORY MODEL WITH A SERVICE LEVEL CONSTRAINT USING PIECEWISE LINEAR LEAD TIME CRASHING COST |

Publication Type | Journal Article |

Year of Publication | 2018 |

Authors | VIJAYASHREE, M, UTHAYAKUMAR, R |

Volume | 22 |

Issue | 2 |

Start Page | 245 |

Pagination | 26 |

Date Published | 2018 |

ISSN | 1083-2564 |

AMS | 90B05, 90C25, 90C30 |

Abstract | In this paper, we have framed a continuous-review model (Q, R, L) inventory model with service level constraint. Lead time is becoming more and more vital for industry, in particular for style supply chains, which has appealed more and more researchers and businessmenâ€™s notice. The length of lead time represents speed and service level. In this paper, lead time is controllable and the compressing cost of lead time follows piecewise linear function. The main contribution of this proposed model is to find minimizing the total cost. A mathematical model is developed to obtain an improved result. An efficient iterative algorithm is designed to obtain the optimal solution of the order quantity, safety stock and lead time. Furthermore, numerical examples are used to demonstrate the benefits of the model by using Matlab 2008 sofware. Sensitivity analysis of the optimal solution with respect to major parameters is carried out and managerial implications are also incorporated. Graphical representation is presented to show the convexity of the total cost. |

URL | https://acadsol.eu/en/articles/22/2/7.pdf |

DOI | 10.12732/caa.v22i2.7 |

Refereed Designation | Refereed |

Full Text |
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