Abstract
ABSTRACTIn this article, an inventory model for decaying items with reliable production process is developed. Stochastic demand rate is assumed during the development of the proposed model and the effect of inflation is also taken into consideration. The proposed model is structured under two different cases: (1) without shortage and (2) allowing the model for shortage. The objective of this study is to maximise the expected profit of the system. Numerical experiment is done and sensitivity analysis with respect to the key parameters is executed to validate the obtained results.
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