B.Sc. from University Maharaja's College, Jaipur, India
M.Sc. from Department of Mathematics, University of Rajasthan, Jaipur, India
Ph.D. from Indian Institute of Roorkee, Roorkee, India
RESEARCH, TEACHING, or OTHER INTERESTS
Management Science and Operations Research, Modeling and Simulation, Control and Optimization, Applied Mathematics
Effects of memory on inventory control and pricing policy for imperfect production with rework process Madhu Jain, Harsh Indoria, Aditya Chaudhary, Praveendra Singh RAIRO Operations Research, 2025 Fractional calculus is a pertinent way to study the memory effect in an inventory model for investigating its dynamical behavior. Since inventory management is a memory-dependent process, fractional calculus approach may be employed to discover some fruitful insights and can help to gain more profit. In realistic scenarios, the manufacturing process cannot be perfect, and it delivers some faulty units due to many inevitable reasons. In literature, an imperfect production inventory problem under the memory effect has not been studied. Our study aims to investigate the memory effect on a production inventory system. In this article, a fractional order inventory control problem is formulated by considering an imperfect manufacturing process and price-sensitive demand. The faulty units are repaired through a rework process. Caputo fractional derivatives and integrals are used to consider the memory effect. Due to the nonlinear cost elements in the formulated problem, optimal pricing and production policies are investigated by using a quasi-Newton optimization algorithm and particle swarm optimization approach. The managerial implications of the proposed study are discussed with the help of numerical illustrations. The numerical outcomes suggest that consideration of memory in the inventory system boosts the profitability of the firm.
Sustainable inventory prediction with random defect and rework using Bat algorithm Madhu Jain, Nidhi Sharma, Praveendra Singh RAIRO Operations Research, 2023 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 meta-heuristic optimization algorithm.
