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An EOQ Inventory Model for Time-varying Deteriorating Items with Cubic Demand under Salvage Value and Shortages
International Journal of Systems Science and Applied Mathematics
Volume 5, Issue 4, December 2020, Pages: 36-42
Received: Oct. 3, 2020; Accepted: Oct. 17, 2020; Published: Nov. 11, 2020
Author
Biswaranjan Mandal, Department of Mathematics, Acharya Jagadish Chandra Bose College, Kolkata, West Bengal, India
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Abstract
In this paper, an Economic Order Quantity (EOQ) inventory model is developed for time-varying deteriorating items. Researchers are constantly developing deteriorating inventory models to become more realistic. Many items like paddy, wheat, potato, onion, radioactive substance etc. are becoming damage over time. So time dependent deterioration is more realistic than a constant rate of deterioration of goods used in the present market. The assumption of constant demand rate may not be always appropriate for many inventory items like milk, vegetables etc, the age of these items has a negative impact on demand dure to loss of quality of such products, on the other hand, demand is becoming increased initially when new branded fashionable products like cosmetics, mobile, computer etc are launched in the market. So the demand rate is considered as a cubic function of time and time dependent holding cost. We also want to give importance on salvage value of an inventory system. The model is solved with salvages value associated to the units deteriorating during the cycle. Shortages are allowed and fully backlogged. Finally the model is illustrated with the help of a numerical example, some particular cases are derived and a comparative study of the optimal solutions towards different nature of demand is also presented graphically.
Keywords
Inventory, EOQ, Deteriorating Items, Cubic Demand, Salvages Value and Shortages
Biswaranjan Mandal, An EOQ Inventory Model for Time-varying Deteriorating Items with Cubic Demand under Salvage Value and Shortages, International Journal of Systems Science and Applied Mathematics. Vol. 5, No. 4, 2020, pp. 36-42. doi: 10.11648/j.ijssam.20200504.11
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