Sustainable inventory prediction with random defect and rework using Bat algorithm

Abstract

The sustainable EPQ models that have been proposed in the inventory literature are insufficient to address the practical scenario of defects in manufacturing and subsequent rework for remedial actions. In this article, sustainable inventory model with rework for the faulty products has been studied. Promotional activities are the key factors that significantly affect the market demand for an item. The impacts of random defects and combining economic and environmental elements on the economic order quantity with price and promotional effort dependent demand have been addressed. Numerical illustrations along with sensitivity analysis are presented to reveal the relevancy as well as computational tractability of the proposed investigation. For the profit optimization, a mixed integer problem has been formulated and analyzed by using Bat metaheuristic optimization algorithm.