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A production-inventory model for decaying raw materials and a decaying single finished product system. (English) Zbl 0573.90030
An attempt has been made to generalize Park’s results on an inventory model for decaying raw materials [see K. S. Park, ibid. 14, 801-806 (1983)]. This paper extends the results to finished products which are also subject to decay or deterioration. The decay of raw materials and the finished product is assumed to be a constant fraction of the on-hand inventory. The finished product is produced in batches and the raw materials are obtained from outside vendors. The objective is to minimize the exact average total cost function and to obtain the inventory characteristics of the system. When there is no decay in the finished product, the model corresponds to the non-decaying finished product model by Park. An example is given to illustrate the derived results.

##### MSC:
 90B05 Inventory, storage, reservoirs 90B30 Production models
##### Keywords:
inventory model; decaying raw materials
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##### References:
 [1] BOYCE W. E., Elementary Differential Equations and Boundary Problems (1977) · Zbl 0353.34001 [2] GOYAL S. K., Ops Res. Q. 28 pp 539– (1977) · Zbl 0371.90035 · doi:10.1057/jors.1977.103 [3] KUESTER J. L., Optimization Techniques with Fortran (1973) · Zbl 0268.65039 [4] PARK K. S., Int. J. Systems Sci. 14 pp 801– (1983) · doi:10.1080/00207728308926498 [5] RAAFAT , F. , 1982 , Ph.D. dissertation , Oklahoma State University , Stillwater .
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