STATISTICAL PROCESS CONTROL FOR CONSTRAINED PROBABILISTIC MISS SAFETY STOCK INVENTORY SYSTEM WITH CONTINUOUS INCREASING ORDER COST FUNCTION
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Abstract
This paper treated the statistical process control (SPC) for the constrained probabilistic multi- item, single source (MISS) inventory system with varying order cost and instantaneous replenishments of the ordered quantity. The expected maximum inventory level of each item is a function of the expected order quantity and no shortages are to be allowed. A geometric programming approach is used to drive the analytical solution of the optimal number of periods and the optimal expected maximum inventory level . A numerical example is added with R and X bar- charts to confirm that the process is under control.
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