INVENTORY MODEL FOR SINGLE ITEM-MULTI SUPPLIER WITH SHORTAGES
Shalini Singh
Department of Mathematics
Amity University, Mumbai
Email:drshalinirathore82@gmail.com
(Received : November 24, 2017 ; Revised: December 02, 2018)
Abstract
This paper deals with the problem of developing an acquisition policy for solving the single-item multi-supplier problem with shortages and real world constraints. We evaluate the optimal quantity of item to be ordered to the different suppliers so as to optimize the total cost incurred. The optimal solution is obtained to indicate the best acquisition policy. In addition, the effects of shortages are also considered. By taking numerical example, the sensitivity analysis has been carried out to explore the effect of system parameters on optimal policy.
2010 Mathematics Subject Classifications: 60E05, 62E10, 62E15, 62G30
Keywords and phrases: Acquisition policy, inventory model, shortage, optimal quantity.