A Model for Optimal Reserve Inventory between Two Machines With Reference to the Distribution of Repair Time

  IJMTT-book-cover
 
International Journal of Mathematics Trends and Technology (IJMTT)
 
© 2017 by IJMTT Journal
Volume-47 Number-1
Year of Publication : 2017
Authors : S.Sachithanantham, R.Jagatheesan
  10.14445/22315373/IJMTT-V47P510

MLA

S.Sachithanantham, R.Jagatheesan "A Model for Optimal Reserve Inventory between Two Machines With Reference to the Distribution of Repair Time", International Journal of Mathematics Trends and Technology (IJMTT). V47(1):74-80 July 2017. ISSN:2231-5373. www.ijmttjournal.org. Published by Seventh Sense Research Group.

Abstract
In Inventory control theory, many suitable models for real life systems are constructed with the objective of determining the optimal inventory level. In a system where the machines are in series for producing the finished products. The reserve of semi-finished products between two machines becomes unavoidable to minimize the idle time of machines in series. In this model the repair time of machines is assumed to be a random variable and it follows exponential distribution which satisfies the so-called change of distribution property. Also, the truncation point of the repair time distribution is itself a random variable and it follows mixed exponential distribution. Under this assumption an optimal reserve inventory is obtained.

Reference
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Keywords
Reserve Inventory, Change of distribution property, Repair time, Truncation point and Optimal reserve.