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EPQ Model for Time-Declining Demand with Imperfect Production Process under Inflationary Conditions and Reliability

An inventory model with imperfect production process is developed for time-declining demand pattern. Imperfect production process results into a mix of good quality and defective items. Some of the defective items can be corrected to an extent with additional reworking cost. Reliability of the production process is considered as the decision variable. Optimum value of the reliability parameter helps in long-term strategic decisions regarding investments in production technology; process know-how and product design complexity. Model is developed with an objective to maximize total profit using Euler-Lagrange theory in a single item setting. Effects of inflation and time value of money on total profit are also considered. Results obtained are validated by numerical example. Sensitivity analysis of various parameters is carried out to derive managerial insights.