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

S.Sachithanantham; R.Jagatheesan

doi:https://doi.org/10.14445/22315373/IJMTT-V47P510

International Journal of Mathematics Trends and Technology

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Volume 47 | Number 1 | Year 2017 | Article Id. IJMTT-V47P510 | DOI : https://doi.org/10.14445/22315373/IJMTT-V47P510

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

S.Sachithanantham, R.Jagatheesan

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.

Keywords

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

References

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Citation :

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), vol. 47, no. 1, pp. 74-80, 2017. Crossref, https://doi.org/10.14445/22315373/IJMTT-V47P510