A Stochastic Model for Reserve Inventory Between Machines in

R. Babu Krishnaraj, K. Ramasamy

Abstract


Inventory control is the process of deciding what and how much of
various items are to be kept in stock. The basic objective of
inventory control is to reduce investment in inventories and
ensuring that production process does not suffer at the same time.
In this article the optimal reserve inventory between  machines in
parallel is attempted. The output of first machine $M_1$ is the
input for the second and third machines $M_2$ and $M_3$. In between
the Machines $M_1$ and $M_2$, $M_3$ an inventory is maintained. One
of the problems of interest in inventory control theory is the
determination of the Optimal size of the buffer between operating
systems, namely machines.  The necessity for maintaining inventory
arises in several situations in a production oriented inventory
systems. The study reveals the Optimum policy for maintaining the
inventory between machines.  The reason for maintaining inventory
between machines is, due to ageing of machines and due to some other
external reasons, the time taken for receiving the finished goods
between parallel system may affect the starting of the next
machines. Hence here we study the optimal reserve inventory between
machines in parallel. A generalized equation is derived when the
number of parallel machines are `n'. 

 


Full Text: PDF DOI: 10.5539/jmr.v4n1p101

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Journal of Mathematics Research   ISSN 1916-9795 (Print)   ISSN 1916-9809 (Online)

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