Abstract
Abstract An inventory model is considered in which inventory is depleted not only by demand, but also by deterioration. The gamma distribution, which is capable of representing constant, increasing and decreasing rates of deterioration, is used to represent the distribution of the time to deterioration.The EOQ formula is derived under conditions of constant demand, instantaneous delivery and no shortages permitted. A computer program is developed to provide the numerical solution and the resulting EOQ values are compared with those of the Weibull distributed deteriorations.
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