International Journal of Education and Management Engineering (IJEME)
IJEME Vol. 9, No. 3, 8 May 2019
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Application of Memory Effect in an Inventory Model with Price Dependent Demand Rate during Shortage
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Author(s)
Index Terms
Fractional order derivative, Classical inventory model, Fractional order inventory model with memory kernel
Abstract
The purpose of this paper is to establish the memory effect in an inventory model. In this model, price dependent demand is considered during the shortage period. Primal geometric programming is introduced to solve the minimized total average cost and optimal ordering interval. And finally we have taken a numerical example to justify the memory effect of this type inventory system. From the result it is clear that the model is suitable for short memory affected business i.e. newly started business.
Cite This Paper
Rituparna Pakhira, Uttam Ghosh, Susmita Sarkar,"Application of Memory Effect in an Inventory Model with Price Dependent Demand Rate during Shortage", International Journal of Education and Management Engineering(IJEME), Vol.9, No.3, pp.51-64, 2019. DOI: 10.5815/ijeme.2019.03.05
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