Effect of price dependent demand for deteriorative items in time dependent holding cost - a comparative study Online publication date: Tue, 14-Mar-2023
by C.K. Sivashankari; P.M. Chellapandi
International Journal of Procurement Management (IJPM), Vol. 16, No. 4, 2023
Abstract: Inventory models for deteriorative items with price dependent demand in time dependent (linear and quadratic) holding cost are considered in this study. The demand models found in the literature include constant, linear, quadratic, exponential, price dependent and stock-dependent among others. To wit, no study exists that uses effect of price dependent demand for deteriorative items in time dependent holding cost. Three models are developed. The first model uses price-dependent demand, the second model uses price-dependent demand in linear holding cost, and the third model uses price-dependent demand in quadratic holding cost. Mathematical models are delineated for each model and relevant examples are provided to elucidate the proposed procedure. The objective herein is to obtain optimum order quantities and order intervals with respect to overall cost. Sensitivity analysis is provided for each of the three models. The necessary data was generated using Visual Basic 6.0.
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