• Optimization of Weibull deteriorating items inventory model under the effect of price and time dependent demand with partial backlogging

    • Fulltext

       

        Click here to view fulltext PDF


      Permanent link:
      https://www.ias.ac.in/article/fulltext/sadh/041/09/0977-0984

    • Keywords

       

      Inventory; deteriorating items; Weibull distribution; shortage; time and price dependent demand

    • Abstract

       

      In this study, we have discussed the development of an inventory model when the deterioration rate of the item follows Weibull two parameter distributions under the effect of selling price and time dependent demand, since, not only the selling price, but also the time is a crucial factor to enhance the demand in the market as well as affecting the overall finance. In the present model, shortages are approved and also partially backlogged. Optimum inventory level, the optimal length of a cycle and the expressions for profit function under various cost considerations are obtained using differential equations. These are illustrated graphically with the help of numerical examples. The sensitivity analysis of the standards of the parameters has been performed tostudy the effect on inventory optimizations.

    • Author Affiliations

       

      SHIV KUMAR1 ABHAY KUMAR SINGH1 MANOJ KUMAR PATEL2

      1. Department of Applied Mathematics, Indian School of Mines, Dhanbad 826004, India
      2. Department of Mathematics, National Institute of Technology, Dimapur, Nagaland 797103, India
    • Dates

       
  • Sadhana | News

    • Editorial Note on Continuous Article Publication

      Posted on July 25, 2019

      Click here for Editorial Note on CAP Mode

© 2017-2019 Indian Academy of Sciences, Bengaluru.