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International Journal of Innovation and Scientific Research
ISSN: 2351-8014
 
 
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Inventory Model for Dynamic Demand and Product Cost with Limited Storage Space Using L.P.P/I.P.P. Technique


Volume 6, Issue 2, August 2014, Pages 120–126

 Inventory Model for Dynamic Demand and Product Cost with Limited Storage Space Using L.P.P/I.P.P. Technique

Harsha Pandey and R. C. Srivastava

Original language: English

Received 20 June 2014

Copyright © 2014 ISSR Journals. This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.

Abstract


In global market, where demand as well as the cost fluctuates rapidly, whereas the inventory holding capacity and capital to be invested doesn't change at the same pace; long term planning seems reasonable to avoid any loss either due to overstocking the inventory or due to stock-outs. This paper presents proposes a deterministic mathematical model to effectively control the inventory holdings. Proposed model considers the periodic fluctuations in demand and cost that affect the cost and quantity of inventory holding under the constraint that available storage space is limited. It minimizes the total cost of inventory in a given period of time and without any shortages.

Author Keywords: EOQ model, Inventory Control, Shortages, Stock holding, Carrying Cost.


How to Cite this Article


Harsha Pandey and R. C. Srivastava, “Inventory Model for Dynamic Demand and Product Cost with Limited Storage Space Using L.P.P/I.P.P. Technique,” International Journal of Innovation and Scientific Research, vol. 6, no. 2, pp. 120–126, August 2014.