Title: An optimal policy for a deteriorating item with generalised deterioration rate and time-dependent demand under permissible delay in payment
Authors: Trailokyanath Singh; Hadibandhu Pattanayak
Department of Mathematics, C.V. Raman College of Engineering, Bhubaneswar 752054, Odisha, India
Department of Mathematics, Institutes of Mathematics and Applications, Andharua, Bhubaneswar 751003, Odisha, India
Abstract: The main objective of this paper is to develop an economic order quantity (EOQ) inventory model with the following characteristics: 1) deteriorating items follow a generalised Weibull distribution deterioration rate; 2) no shortage is allowed and (3) delay in payment is permitted. The results have been validated with the help of a numerical example. Sensitivity analysis of the optimal solution with respect to the parameters of the model is performed.
Keywords: deteriorating items; EOQ; economic order quantity; permissible delay in payment; time-dependent demand; three-parameter Weibull distribution deterioration rate.
Int. J. of Data Science, 2017 Vol.2, No.2, pp.88 - 104
Available online: 22 Jun 2017