Abstract
The scope of this model includes the application of inventory management. It has been empirically observed that the life expectancy of many items can be expressed in terms of Weibull distribution. This empirical observation has prompted researchers to represent the time to deterioration of a product by a Weibull distribution. It is also observed that demand of a consumer product usually varies with time and hence, the demand rate should be taken as time-dependent. Our purpose is to focus on a mathematical model on inventory production system considering all these factors. Therefore, we develop an economic inventory model for deteriorating items with quadratic demand and shortages in inventory.
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