An Inventory Control Model for Deteriorating Items with Inventory and Inspection Costs Considering Errors in Inspection

Document Type : Research Paper

Authors

1 Assistant Prof., Department of Industrial Engineering and Management, Sadjad University of Technology, Mashhad, Iran.

2 M.Sc., Department of Industrial Engineering, Sadjad University of Technology, Mashhad, Iran.

Abstract

Objective: In this paper, we introduce a new model in the interesting domain of deteriorating item inventory control models. In our model, we consider inspection and inspection errors in which literature models are noticeably rare.
Methods: We conduct a vast literature study resulting in a proper understanding of literature shortcomings, and develop a new model via operational research model building methods. To solve and analyze the model we implement analytical continuous methods. The MATLAB (R2016b) software tools are used for sensitivity analysis and further study.
Results: The assumptions of inspection and inspection errors in deteriorating item inventory control models lead to a more realistic model. Also, numerical results show the importance and effect of such assumptions.
Conclusion: We provide a number of profit increasing managerial insights based on values of order quantity, inspection time, replenishment period, etc., via the solution and sensitivity analysis of the new model.

Keywords

References

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Industrial Management Journal
Volume 12, Issue 2
2020
Pages 236-248

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