Optimality in Inventory and Machinery Replacement Models

Optimality in Inventory and Machinery Replacement Models

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Author(s)

Author(s): Rowland J.O. Ekeocha

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DOI: 10.18483/ijSci.2053 17 64 40-46 Volume 8 - May 2019

Abstract

In my first article, optimization of industrial system was achieved by the use of the simultaneous equation method while stochastic approximation was employed in obtaining optimality of the queuing system. In this paper, differential calculus and repeated trials were employed to located the optimum lot size of the inventory model while the optimization, dynamic programming and the economic lot size methods were required to obtain optimality of the replacement/rehabilitation model. If the first article created an impression that optimality is limited to some systems like the industrial and queuing systems the extension of optimality to the inventory and replacement/rehabilitation model shows that optimality is achievable in every system/model provided appropriate optimization technique is employed.

Keywords

Optimality, Optimization Technique, Models

References

  1. American Society of Appraisers (ASA, 2000), Valuing machinery and technical assets, Washington DC.
  2. Ekeocha RJO, Odukwe AO, Agunwamba JC (2011) Machinery Replacement Problems Model, World Journal of Engineering and Pure and Applied Science, vol.1, no.3, pp. 81 – 87.
  3. Ekeocha, RJO. (2019) Optimization of Systems, International Journal of Sciences, 03 (2019) 117-124. DOI:10 18483/ijSci. 1964.
  4. Humphreys, K.K. (1991) Jelen’s Cost & Optimization Engineering, 3RD Edition, Chapter 11, Publisher: McGraw Hill Inc. New York.
  5. Merriam Webster: https://www.merriam-webster.com/dictionary/optimization.
  6. Singh VP, (2009) System Modeling and Simulation, New Age International Publishers.

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International Journal of Sciences is Open Access Journal.
This article is licensed under a Creative Commons Attribution 4.0 International (CC BY 4.0) License.
Author(s) retain the copyrights of this article, though, publication rights are with Alkhaer Publications.

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Issue June 2019

Volume 8, June 2019


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