Abstract
This study develops inventory models in which demand rate is stock level dependent and three different holding cost functions: 1) constant holding cost; 2) exponential time dependent; 3) stock level dependent. Mathematical models have been developed for these three different situations to determine optimal order quantities, cycle time and optimal total inventory cost. Truncated Taylor's series expansion is used for exponential terms for finding closed form numerical solutions. The results are illustrated with the help of numerical examples. The sensitivity analysis of the optimal solution with respect to the variation of the parameters of the model is also discussed.
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