Optimisation of a production inventory model with reliability considerations

Al Masud, MA; Paul, SK; Azeem, A

Optimisation of a production inventory model with reliability considerations

Al Masud, MA Paul, SK

Azeem, A

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Publication Type:: Journal Article
Citation:: International Journal of Logistics Systems and Management, 2014, 17 (1), pp. 22 - 45
Issue Date:: 2014-01-01

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Field	Value	Language
dc.contributor.author	Al Masud, MA	en_US
dc.contributor.author	Paul, SK https://orcid.org/0000-0001-9523-179X	en_US
dc.contributor.author	Azeem, A	en_US
dc.date.issued	2014-01-01	en_US
dc.identifier.citation	International Journal of Logistics Systems and Management, 2014, 17 (1), pp. 22 - 45	en_US
dc.identifier.issn	1742-7967	en_US
dc.identifier.uri	http://hdl.handle.net/10453/118806
dc.description.abstract	In this paper, a production inventory model with reliability of production process is developed to minimise total inventory cost. Production, setup, holding, inspection, depreciation, rejection and backorder cost are considered to develop the model. The economic production lot size and the reliability of the production process along with the production period are the decision variables and total cost per cycle is the objective function which is to be minimised. A meta-heuristic particle swarm optimisation (PSO) algorithm is applied to solve the unconstrained non-integer non-linear form of objective function. Some numerical examples have been presented to explain the model. The results obtained from PSO algorithm are compared with results obtained from genetic algorithm (GA) applying on the same inventory model. Comparison clearly shows the superiority of PSO results over GA results thus makes PSO a better choice for this kind of modelling. Copyright © 2014 Inderscience Enterprises Ltd.	en_US
dc.relation.ispartof	International Journal of Logistics Systems and Management	en_US
dc.relation.isbasedon	10.1504/IJLSM.2014.057979	en_US
dc.subject.classification	Business & Management	en_US
dc.title	Optimisation of a production inventory model with reliability considerations	en_US
dc.type	Journal Article
utslib.citation.volume	1	en_US
utslib.citation.volume	17	en_US
utslib.for	1503 Business and Management	en_US
pubs.embargo.period	Not known	en_US
pubs.organisational-group	/University of Technology Sydney
pubs.organisational-group	/University of Technology Sydney/Faculty of Business
pubs.organisational-group	/University of Technology Sydney/Faculty of Business/Management Discipline
utslib.copyright.status	closed_access
pubs.issue	1	en_US
pubs.publication-status	Published	en_US
pubs.volume	17	en_US

Abstract:

In this paper, a production inventory model with reliability of production process is developed to minimise total inventory cost. Production, setup, holding, inspection, depreciation, rejection and backorder cost are considered to develop the model. The economic production lot size and the reliability of the production process along with the production period are the decision variables and total cost per cycle is the objective function which is to be minimised. A meta-heuristic particle swarm optimisation (PSO) algorithm is applied to solve the unconstrained non-integer non-linear form of objective function. Some numerical examples have been presented to explain the model. The results obtained from PSO algorithm are compared with results obtained from genetic algorithm (GA) applying on the same inventory model. Comparison clearly shows the superiority of PSO results over GA results thus makes PSO a better choice for this kind of modelling. Copyright © 2014 Inderscience Enterprises Ltd.

Please use this identifier to cite or link to this item:

http://hdl.handle.net/10453/118806