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Study of Memory Effect in an Economic Order Quantity Model for Completely Backlogged Demand During Shortage
R. Pakhira, U. Ghosh, , V.N. Mishra
Published in Natural Sciences Publishing
2021
Volume: 7
   
Issue: 3
Pages: 177 - 190
Abstract
The most commonly developed inventory models are the classical economic order quantity model, is governed by the integer order differential equations. We want to come out from the traditional thought i.e. classical order inventory model where the memory phenomena are absent. Here, we want to incorporate the memory effect that is based on the fact economic agents remember the history of changes of exogenous and endogenous variables. In this paper, we have proposed and solved a fractional order economic order quantity model with constant demand rate where the demand is fully backlogged during shortage time. Finally, a numerical example has been illustrated for this model to show the memory dependency of the system. The numerical example clears that for the considered system the profit is maximum in long memory affected system compared to the low memory affected or memory less system. © 2021 NSP Natural Sciences Publishing Cor. All Rights Reserved.
About the journal
JournalProgress in Fractional Differentiation and Applications
PublisherNatural Sciences Publishing
ISSN23569336