Optimal Operating Policies of EPQ Models for Deteriorating Items with Generalised Pareto Life and Random Lead Times

Optimal Operating Policies of EPQ Models for Deteriorating Items with Generalised Pareto Life and Random Lead Times presents a systematic treatment of economic production quantity models for deteriorating inventory systems in which product lifetime follows a generalised Pareto distribution. Beginning with classical EOQ and EPQ concepts, the book develops production-inventory models incorporating a finite production rate, power-function demand, deterioration and random lead times, with formulations both with and without shortages. Differential-equation-based analysis is used to determine inventory levels, deterioration losses, backlogged demand and total cost per unit time. The study derives important operating decisions including the optimal production stopping and restarting times, the point at which shortages begin, and the optimal order quantity. Detailed numerical results and sensitivity analyses demonstrate how changes in model parameters influence optimal inventory policies. A distinctive feature of the book is its practical application to prawn hatcheries and seafood-processing units in Andhra Pradesh. Alongside mathematical modelling, it discusses hatchery, nursery and grow-out practices, seed collection, seafood processing, cold storage and exports, supported by field information, tables and photographs. The book is particularly useful for postgraduate students, researchers and faculty in statistics, operations research, applied mathematics and management, as well as managers and professionals working in food-processing, seafood and other industries dealing with perishable or deteriorating inventories.