Abstract
ABSTRACT This article analyses, Economic Order Quantity (EOQ) based inventory model for non-instantaneous deteriorating items with inflation under permissible delay in payment. Demand is a linear decreasing function of selling price. Shortages are allowed which are partially backlogged. An algorithm is proposed to find the optimal selling price, optimal stock-out period, optimal replenishment cycle time and the optimal ending inventory level. To ascertain the optimal solution exists, the conditions for the total profit in the inventory model which attains its global maximum are provided. Comparisons with the present model without inflation, without delay in payment, complete backlogging and instantaneous deterioration are presented. The numerical examples, graphical representation, and sensitivity analysis are given to illustrate the practical application of the proposed model.
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callMore From: International Journal of Systems Science: Operations & Logistics
Disclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
