Title: Innovative study of economic order quantity model for quadratic time-linked demand under tolerable delay in payments with inconsistent holding cost and associated salvage value
Authors: R.P. Tripathi; Shweta Singh Tomar
Addresses: Department of Applied Sciences and Humanities, KNIT, Sultanpur, UP, 228118, India; Affiliated to: Dr. A.P.J. Abul Kalam Technical University, India ' Department of Mathematics, Mount Mary University, Milwaukee, WI, USA
Abstract: In this study, an effort is prepared to distinguish inventory model in favour of fading objects with changeable holding price as the seller proposes an acceptable delay in expenses to settle account against purchase for quadratic time induced demand. In the majority of inventory models authors have well thought-out that holding cost is stable, but in actual practice is not always true. In this manuscript, holding cost is measured linearly time - sensitive. An algorithm is exhibited for a seller to decide most favourable cycle time that minimises the whole inventory cost. Arithmetical examples and sensitivity assessment are discussed to demonstrate theoretical results. First order approximation is used for exponential terms.
Keywords: deterioration; time-dependent holding cost; permissible delay; quadratic demand rate; salvage value.
International Journal of Computational Systems Engineering, 2020 Vol.6 No.1, pp.52 - 62
Received: 22 Mar 2019
Accepted: 14 Apr 2020
Published online: 13 Aug 2020 *