Continuous review inventory model with reducing lost sales rate under fuzzy stochastic demand and variable lead time

2015 ◽  
Vol 8 (5) ◽  
pp. 546 ◽  
Author(s):  
Hardik N. Soni ◽  
Kamlesh A. Patel
Keyword(s):  
Lead Time ◽  
Stochastic Demand ◽  
Inventory Model ◽  
Lost Sales ◽  
Continuous Review

scholarly journals Continuous review inventory model with lost sale reduction and ordering cost dependent on lead time for the mixtures of distributions

2021 ◽  
pp. 6-6
Author(s):  
Hardik Soni ◽  
Kunal Shah
Keyword(s):  
Cost Function ◽  
Lead Time ◽  
Capital Investment ◽  
Optimal Solution ◽  
Inventory Model ◽  
Lost Sales ◽  
Mixtures Of Distributions ◽  
Continuous Review ◽  
Investment Cost ◽  
Mixture Of Normal Distributions

We consider a continuous review inventory system for inventory model involving lost sales reduction through capital investment cost function and the reduction of lead time further which reduces the ordering cost. To reduce the lost sales rate, two forms of capital investment cost function, viz. logarithmic and power are employed. Two relationships between ordering cost and lead time, viz. linear and logarithmic are considered. We develop four inventory models by taking different combinations of capital investment cost function and ordering cost lead time relationship. Objective of the study is to reduce the total related cost by simultaneously optimizing the order quantity, safety factor, fraction of the shortages during the stock-out period that will be lost and length of lead time. The lead time demand is assumed to follow a mixture of normal distributions. The optimal solution is derived by developing computer programs using the software MATLAB. We also provide four numerical examples to illustrate the models.

A continuous review, (Q, r) inventory model for a deteriorating item with random demand and positive lead time

2019 ◽  
Vol 109 ◽  
pp. 102-121 ◽  
Author(s):  
Marcello Braglia ◽  
Davide Castellano ◽  
Leonardo Marrazzini ◽  
Dongping Song
Keyword(s):  
Lead Time ◽  
Inventory Model ◽  
Random Demand ◽  
Continuous Review
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