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ROLE OF FRACTIONAL CALCULUS TO THE GENERALIZED INVENTORY MODEL

Abstract

The feature of the derivative and integration is one of the most important tools to realise the beauty of calculus. Its descriptive power comes from the fact that it analyses the behaviour at scales small enough that its properties changes linearly, so avoiding complexities that arises at larger one. Fractional Calculus generalizes this concept from integer to non integer order. This paper comprises an application of this Fractional Calculus in Inventory Control model. The object of this note is to show how fractional calculus approach can be employed to generalize the traditional classical inventory model. Lastly a numerical example is given.

Asim Kumar das, Tapan Kumar Roy

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