Learning Effect
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A Production Inventory Model in a Random Planning Horizon Incorporating Learning Effects on Inventory Costs Under Inflation and Time Value of Money via Genetic Algorithm
Abstract: A production inventory model for a new product is developed incorporating inflation and time value of money. It is assumed that lifetime of the product is random in nature and follows exponential distribution with a known mean. So planning horizon of the model is random in nature. Here learning effect on production and set-up cost is incorporated. Model is formulated to maximize the expected profit from the whole plan-ning horizon …
Published in Journal of Artificial Intelligence Research & Advances · Vol. 1, Issue 2, 2014 · pp. 1–12 Read article