INVENTORY MODEL (M. T.) EXPONENTIAL BACKORDER COST RANDOM SUPPLY AND CONTINUOUS LEAD TIME SERIES 3
DR. Martin Osawaru Omorodion
Journal Title:Global Journal of Engineering Science and Research Management (GJESRM)
We derived the inventory cost for Inventory Model (M.T) in which the supply is random, backorder costs is exponential and lead time
is continuous by making use of the inventory costs derived in series 2 for the same random supply but for constant lead time.
Each factor of the inventory cost is then averaged over the states of lead times. Lead time is assumed to be a gamma variate.