MULTI-ENTITY STOCK DEPENDENT MODEL WITH CAPACITY AND MANUFACTURE COST RESTRAINT’S
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Abstract
Inventory has an impact on the manufacturing process as well as supply chain operations. The fundamental goal of this research paper is to optimize the cost associated with inventories and to provide flow less continuous production process in time. Normally, demand rate of any entity in inventory control model are treated as predictable and at the same time constant too, and that the cost associated to unit inventory must be independent and non-variable in nature. Nevertheless, in practical circumstances, the unit price and demand rate of an entity may be interconnected. When the asking for an article is enormous, an entity is manufactured in huge quantities and the static charges of manufacturing being diffused over a multiple component. Henceforth, per unit article cost decreases significantly. i.e., per unit article cot and the demand of an article are related under inverse variation. So, better to consider the demand rate of an article as a variable constraint than to fixed one. In this research article, a mathematical model for multiple articles through permitted and restricted shortage and per article cost based on demand accompanied by upper and lower limits viz restricted storage space and manufacturing expenses has been constructed. Overall, investigating the simultaneous effect of storage space and manufacturing expenses in an inventory model provides valuable insights that enable cost optimization, resource allocation, capacity planning, and risk mitigation. It helps companies make informed decisions and improve their overall operational efficiency and profitability. The Multi-Entity Stock Dependent Model with Capacity and Manufacture Cost Restraints can be customized and used in a variety of sectors that include managing inventory across numerous entities and complicated supply chain networks. Here are a few examples of industries that can benefit from such a model: manufacturing industry, the retail and distributor sector, e-commerce companies, pharmaceutical and healthcare industry, automotive industry and food and beverage industry. The article cost is explored at this juncture in a fuzzy atmosphere and solutions of the model being obtained through KKT condition. Finally, a conclusion is offered in the final portion.
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Licensee MJS, Universiti Malaya, Malaysia. This article is an open-access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license (https://creativecommons.org/licenses/by/4.0/).
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