Abstract
This paper presents an Economic order quantity (EOQ) model for deteriorating items. The demand rate is non-linear function of time. In this paper two models have been derived for different holding costs (i) The holding cost is linear function of the on hand inventory level. (ii). A non-linear function of time for which the item is kept in the stock. Optimization is done for both the models and numerical examples are presented to check the feasibility of the optimal solutions. Sensitivity analysis is also presented with respect to the various parameters used in the numerical example.
Highlights
Controlling and managing the inventory is among the biggest concern for any business regardless of its level
While dealing with the real life problems it is not possible to consider all the factors affecting the depletion of inventory
Deterioration is an important factor to consider while developing an inventory model
Summary
Controlling and managing the inventory is among the biggest concern for any business regardless of its level. Balkhi and Benkherouf (2004) developed an inventory model for deteriorating items with stock dependent and time varying demand rates. Chaudhari and Goswami (1996) presented an inventory model for deteriorating items with stock-dependent demand rate. Giri and Chaudhari (1998) established deterministic model of perishable inventory with stock dependent demand rate and non-linear holding cost. Tripathi and Mishra (2013) developed inventory model with deteriorating items and time-dependent holding cost. Tripathi and singh (2015) presented an inventory model with stock-dependent demand and different holding cost function. Soni and Shah(2008) presented a mathematical model to formulate optimal ordering policies for retailer when demand is partially constant and partially stock-dependent and the supplier offer progressive permissible delay to settle the account.
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