Title: Two inventory models for instant and delayed deteriorating items with price and time dependent seasonal demand
Authors: Ashish Sharma; Amit Kumar Saraswat
Addresses: Department of Mathematics, Institute of Applied Sciences and Humanities, GLA University, NH-2, Mathura, 281406, India ' Department of Mathematics, Institute of Applied Sciences and Humanities, GLA University, NH-2, Mathura, 281406, India
Abstract: Deterioration is one of the basic assumptions of inventory models so the analysis of inventory models with deterioration will provide more realistic insights. In this paper, we developed two inventory models with instant and delayed deterioration rate. Price and time dependent seasonal demand function is considered. In both the models we have an option that after some successive demand seasons whether we can continue with the same price or we can change the selling price. Analytical and numerical analysis provides important managerial insights. Numerical analysis shows that it better to reduce the price after some initial seasons with instant deterioration while with delayed deterioration selling price must be unchanged for as much as possible seasons.
Keywords: inventory; deterioration; seasonal demand; price and time dependent demand; partial backlogging.
International Journal of Procurement Management, 2021 Vol.14 No.3, pp.342 - 359
Received: 19 Oct 2019
Accepted: 09 Jan 2020
Published online: 04 Mar 2021 *