Application of Memory Effect in an Inventory Model with Price Dependent Demand Rate during Shortage | Zendy

Rituparna Pakhira | Zendy; Uttam Ghosh | Zendy; Susmita Sarkar | Zendy

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Application of Memory Effect in an Inventory Model with Price Dependent Demand Rate during Shortage

Author(s) -

Rituparna Pakhira,

Uttam Ghosh,

Susmita Sarkar

Publication year - 2019

Publication title -

international journal of education and management engineering

Language(s) - English

Resource type - Journals

eISSN - 2305-8463

pISSN - 2305-3623

DOI - 10.5815/ijeme.2019.03.05

Subject(s) - economic shortage , interval (graph theory) , computer science , mathematical optimization , operations research , mathematics , linguistics , philosophy , government (linguistics) , combinatorics

The purpose of this paper is to establish the memory effect in an inventory model. In this model, price dependent demand is considered during the shortage period. Primal geometric programming is introduced to solve the minimized total average cost and optimal ordering interval. And finally we have taken a numerical example to justify the memory effect of this type inventory system. From the result it is clear that the model is suitable for short memory affected business i.e. newly started business.

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