Trade-credit production policy with Weibull deterioration rate and selling price-dependent demand Online publication date: Fri, 30-Sep-2022
by Sunita; Ramesh Inaniyan; Ganesh Kumar
International Journal of Procurement Management (IJPM), Vol. 15, No. 6, 2022
Abstract: This study establishes an economical production quantity (EPQ) model for depreciating commodities involving two-parameter Weibull deterioration, price-dependent demand, and trade-credit plans. Carrying cost is assumed to be a time-dependent linear function. We have analysed the model in three cases: build-up stage, time after decay starts, and time with a partly backlogging rate. For the duration of stock construct-up, there is no demand, and demand is a function of the selling price after that. We have maximised the total average earnings and achieved an optimal order scheme. Two numerical illustrations show the importance of the model. Sensitivity investigation by adjusting various parameters using MATLAB software demonstrates the acceptance of the model.
Online publication date: Fri, 30-Sep-2022
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