Abstract
The paper deals with an optimal inventory replenishment policy for a deteriorating item with the demand rate being a continuous quadratic function of time. It is assumed that the deterioration rate of the items in the inventory is directly proportional to time. Shortages in inventory are allowed and are partially backlogged which depends on the length of the waiting time for the next replenishment over a finite time horizon and variable replenishment cycle. The effect of inflation and time value of money are taken into account. A numerical example is shown to illustrate the model.
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