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Application of preservation technology for lifetime dependent products in an integrated production system

Title
Application of preservation technology for lifetime dependent products in an integrated production system
Author
Sarkar, Biswajit
Keywords
Production system; inventory; preservation technology; lifetime-dependent selling-price; non-linear optimization
Issue Date
2018-09
Publisher
AMER INST MATHEMATICAL SCIENCES-AIMS
Citation
JOURNAL OF INDUSTRIAL AND MANAGEMENT OPTIMIZATION, v. 2018, Page. 563-576
Abstract
It is important to adopt precisely the optimum level of preservation technology for deteriorating products, as with every passing day, a larger number of items deteriorate and cause an economic loss. For earning more profit, industries have a tendency to add more preservatives for long lifetime of products. However, realizing the health issues, there is a boundary that no manufacturer can add huge amount of preservatives for infinite lifetime of products. The correlation between the long lifetime along with the price of the product is introduced in this model to show the benefit of the optimum level of investment in preservation technology. To maintain the environmental sustainability, the deteriorated items, which can no longer be preserved by adding preservatives anywhere, are disposed with proper protection. The objective of the study is to obtain profit to show the application through a non-linear mathematical. The model is solved through Kuhn-Tucker and an algorithm. Robustness of the model is verified through numerical experiments and sensitivity analysis. Some comparative analyses are provided, which support the adoption of preservation technology for deteriorating products. Numerical studies proved that the profit increases significantly with the application of proposed preservation technology. Some important managerial insights are provided to help the decision makers while implementing the proposed model in real-world situations.
URI
https://aimsciences.org/article/doi/10.3934/jimo.2018144?viewType=htmlhttps://repository.hanyang.ac.kr/handle/20.500.11754/105702
ISSN
1547-5816
DOI
10.3934/jimo.2018144
Appears in Collections:
COLLEGE OF ENGINEERING SCIENCES[E](공학대학) > INDUSTRIAL AND MANAGEMENT ENGINEERING(산업경영공학과) > Articles
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