Title: Inventory model for deteriorating items with price and time-dependent seasonal demand
Authors: Pratibha Sharma; Ashish Sharma; Sanjay Jain
Addresses: Department of Mathematics, Mata Gujri College of Professional Studies, A.B. Road, Indore, 452017, India; Faculty of Science, Pacific Academy of Higher Education and Research University, Udaipur, 313003, India ' Department of Mathematics, Institute of Applied Sciences and Humanities, GLA University, NH-2, Mathura, 281406, India ' Department of Mathematics, S.P.C. Government PG College, Beawar Road Ajmer 305001, India
Abstract: Deteriorating items are considered as the main source of revenue. Many deteriorating items pusses the seasonal demand pattern. Generally, the sellers made a bulk purchase during the season and used the replenished inventory over a number of successive demand seasons. Thus, the inventory models for deteriorating item with a seasonal demand will provide valuable managerial insights. We developed a deterministic inventory model with price and time-dependent seasonal demand rate for items undergoing constant deterioration. Replenished inventory is used for more than one successive season and after depletion, at the end of the season order is placed for next replenishment. Shortages are considered only for one season. Time-dependent partial backlogging is considered for shortages. Analytical results for the optimality of the profit function with respect to decision variables in closed-form expressions are presented. Solution procedure and analytical results are verified with a numerical example.
Keywords: inventory; deterioration; seasonal demand; time and price dependent demand; backlogging.
International Journal of Procurement Management, 2019 Vol.12 No.4, pp.363 - 375
Received: 26 Oct 2017
Accepted: 04 Mar 2018
Published online: 29 Jul 2019 *