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An EPQ Model with Power-form Stock Dependent Demand under Inflationary Environment using Genetic Algorithm

by Chaman Singh, S. R. Singh
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International Journal of Computer Applications
Foundation of Computer Science (FCS), NY, USA
Volume 48 - Number 15
Year of Publication: 2012
Authors: Chaman Singh, S. R. Singh
10.5120/7426-0438

Chaman Singh, S. R. Singh . An EPQ Model with Power-form Stock Dependent Demand under Inflationary Environment using Genetic Algorithm. International Journal of Computer Applications. 48, 15 ( June 2012), 25-30. DOI=10.5120/7426-0438

@article{ 10.5120/7426-0438,
author = { Chaman Singh, S. R. Singh },
title = { An EPQ Model with Power-form Stock Dependent Demand under Inflationary Environment using Genetic Algorithm },
journal = { International Journal of Computer Applications },
issue_date = { June 2012 },
volume = { 48 },
number = { 15 },
month = { June },
year = { 2012 },
issn = { 0975-8887 },
pages = { 25-30 },
numpages = {9},
url = { https://ijcaonline.org/archives/volume48/number15/7426-0438/ },
doi = { 10.5120/7426-0438 },
publisher = {Foundation of Computer Science (FCS), NY, USA},
address = {New York, USA}
}
%0 Journal Article
%1 2024-02-06T20:44:09.688699+05:30
%A Chaman Singh
%A S. R. Singh
%T An EPQ Model with Power-form Stock Dependent Demand under Inflationary Environment using Genetic Algorithm
%J International Journal of Computer Applications
%@ 0975-8887
%V 48
%N 15
%P 25-30
%D 2012
%I Foundation of Computer Science (FCS), NY, USA
Abstract

In this paper a production inventory model for the newly launched product is developed incorporating the effect of inflation and time value of money. The objective of this study is to find the economic production quantities. It is assumed that demand of the items is displayed stock dependent. Production is stopped when the stock-level reached to level Q and Q0 is the fixed stock-level. In this paper we discussed the following two situations (I) Q £ Q0 and (II) Q > Q0. Model is formulated to maximize the total profit. A genetic algorithm with varying population size is used to solve the model. In this GA a subset of better children is included with the parent population for next generation and size of this subset is a percentage of the size of its parent set. Numerical example is given to illustrate the model. Sensitivity analysis with respect to various parameters is also presented.

References
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Index Terms

Computer Science
Information Sciences

Keywords

Genetic Algorithm Inflation Stock-dependent Demand

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