Volume 6, Issue 2, August 2014, Pages 120–126
Harsha Pandey1 and R. C. Srivastava2
1 Department of Applied Sciences, M.M.M. University of Technology, Gorakhpur, UP, India
2 Department of Mathematics and Statistics, D. D. U. Gorakhpur University, Gorakhpur, UP, India
Original language: English
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.
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.
Harsha Pandey1 and R. C. Srivastava2
1 Department of Applied Sciences, M.M.M. University of Technology, Gorakhpur, UP, India
2 Department of Mathematics and Statistics, D. D. U. Gorakhpur University, Gorakhpur, UP, India
Original language: English
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.
