Analysis of csp-1 under infallible and fallible inspection systems

In this paper, we discuss the implementation of Continuous Sampling Plan (CSP)-1 under two scenarios: (i) infallible, and (ii) fallible inspection systems. For both cases, we develop an optimization model for designing a CSP-1 that minimizes the total expected cost. We use Markov theory to derive the expected results from the application of the CSP-1. A Bayesian approach is used to model the inspection system reliability. Based on the analyses for the two models, we offer a discussion on the adverse effects of disregarding inspection errors when implementing CSP-1

Application of Optimization in Production, Logistics, Inventory, Supply Chain Management and Block Chain

The evolution of industrial development since the 18th century is now experiencing the fourth industrial revolution. The effect of the development has propagated into almost every sector of the industry. From inventory to the circular economy, the effectiveness of technology has been fruitful for industry. The recent trends in research, with new ideas and methodologies, are included in this book. Several new ideas and business strategies are developed in the area of the supply chain management, logistics, optimization, and forecasting for the improvement of the economy of the society and the environment. The proposed technologies and ideas are either novel or help modify several other new ideas. Different real life problems with different dimensions are discussed in the book so that readers may connect with the recent issues in society and industry. The collection of the articles provides a glimpse into the new research trends in technology, business, and the environment