An optimal policy for a deteriorating item with generalised deterioration rate and time-dependent demand under permissible delay in payment Online publication date: Mon, 26-Jun-2017
by Trailokyanath Singh; Hadibandhu Pattanayak
International Journal of Data Science (IJDS), Vol. 2, No. 2, 2017
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.
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