Title: Enhancing an EPQ model for decaying items with ramp type time-reliant demand rate and partially stockpiled

Authors: M. Dhivya Lakshmi; A. Akilbasha

Addresses: Department of Mathematics, School of Advanced Sciences, VIT, Vellore, Tamilnadu, India ' School of Mathematics and Statistics, Dr. Vishwanath Karad MIT World Peace University, Pune-411 038, Maharashtra, India

Abstract: A class of an economic production quantity (EPQ) model for decaying products is established in this article. In the propounded model, the rate of demand is exponentially time varying ramp type and the manufacturing rate is a combination of stock on hand and demand rate. Deterioration follows a Pareto distribution and shortages are granted and partially backlogged. The total inventory cost, cycle time, production times, consumption time and shortage time are optimised. This study incorporates a few traits that appear to have a connection with specific forms of stock, such as stockpiles of freshly released automobiles, the automobile sector, and so on. An analytical demonstration is shown for depicting the proposed model. Sensitivity analysis is accomplished regarding each one of the model parameters.

Keywords: EPQ model; partial backlogging; Pareto deterioration; ramp type demand rate; sensitivity analysis; total inventory cost.

DOI: 10.1504/IJRM.2023.134684

International Journal of Revenue Management, 2023 Vol.13 No.4, pp.238 - 256

Received: 01 Mar 2023
Accepted: 17 Jun 2023
Published online: 03 Nov 2023 *

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