A Model for Optimal Reserve Inventory Between two Machines with Reference to Truncation Point of the Repair Time
*Arignar Anna Government Arts College, Viluppuram, Tamil Nadu, India
**Salem Sowdeswari College, Salem, Tamil Nadu, India
Email of Corresponding Author:-rjm.maths@gmail.com
In Inventory control theory, many suitable models for real life systems are constructed with the objective of determining the optimal inventory level. In a system where the machines are in series for producing the finished products. The reserve of semi-finished products between two machines becomes unavoidable to minimize the idle time of machines in series. In this model the repair time of machines is assumed to be a random variable and it follows exponential distribution which satisfies the so called Setting the Clock Back to Zero (SCBZ) property. Also, the truncation point of the repair time distribution is itself a random variable and it follows mixed exponential distribution. Under this assumption an optimal reserve inventory is obtained.
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S. SACHITHANANTHAM* and R. JAGATHEESAN**, "A Model for Optimal Reserve Inventory Between two Machines with Reference to Truncation Point of the Repair Time", Journal of Ultra Scientist of Physical Sciences, Volume 29, Issue 1, Page Number 1-7, 2017Copy the following to cite this URL:
S. SACHITHANANTHAM* and R. JAGATHEESAN**, "A Model for Optimal Reserve Inventory Between two Machines with Reference to Truncation Point of the Repair Time", Journal of Ultra Scientist of Physical Sciences, Volume 29, Issue 1, Page Number 1-7, 2017Available from: http://www.ultraphysicalsciences.org/paper/749/
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