Smart Materials production model with Costs associated with Decision Making on various perspectives
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Abstract
In recent times, the smart materials are gaining more momentum and this has channelized the attention of the
production sectors towards producing at an optimal cost. This paper develops a production inventory model
of smart materials with various trends of demands and different costs associated with decision making in the
contexts of material selection, product propagation and customer procurement. An inventory model is modelled
using differential equation to find the optimal order quantity. The proposed model is validated with numerical
example. In this paper the production inventory model with conventional costs parameters are extended to
smart production inventory model with the inclusion of new kinds of decision-making costs parameters in the
perspective of material selection, machinery choice, screening, waste segregation, waste disposal, customer
procurement, product propagation and carbon pricing measures. The model developed in this paper incorporates
new types of costs to facilitate the formulation of comprehensive production inventory model to meet out the
dynamic needs of the decision makers in this present era of information. The model can be discussed and
extended with various demand patterns.
Keywords:
Smart materials, production model, demand, decision making, material selection, customer procurementMathematics Subject Classification:
Mathematics- Pages: 144-151
- Date Published: 01-01-2021
- Vol. 9 No. 01 (2021): Malaya Journal of Matematik (MJM)
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