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.
| Published in | International Journal of Systems Science and Applied Mathematics (Volume 5, Issue 4) |
| DOI | 10.11648/j.ijssam.20200504.11 |
| Page(s) | 36-42 |
| Creative Commons |
This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited. |
| Copyright |
Copyright © The Author(s), 2024. Published by Science Publishing Group |
Inventory, EOQ, Deteriorating Items, Cubic Demand, Salvages Value and Shortages
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APA Style
Biswaranjan Mandal. (2020). 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, 5(4), 36-42. https://doi.org/10.11648/j.ijssam.20200504.11
ACS Style
Biswaranjan Mandal. An EOQ Inventory Model for Time-varying Deteriorating Items with Cubic Demand under Salvage Value and Shortages. Int. J. Syst. Sci. Appl. Math. 2020, 5(4), 36-42. doi: 10.11648/j.ijssam.20200504.11
AMA Style
Biswaranjan Mandal. An EOQ Inventory Model for Time-varying Deteriorating Items with Cubic Demand under Salvage Value and Shortages. Int J Syst Sci Appl Math. 2020;5(4):36-42. doi: 10.11648/j.ijssam.20200504.11
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Download@article{10.11648/j.ijssam.20200504.11,
author = {Biswaranjan Mandal},
title = {An EOQ Inventory Model for Time-varying Deteriorating Items with Cubic Demand under Salvage Value and Shortages},
journal = {International Journal of Systems Science and Applied Mathematics},
volume = {5},
number = {4},
pages = {36-42},
doi = {10.11648/j.ijssam.20200504.11},
url = {https://doi.org/10.11648/j.ijssam.20200504.11},
eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijssam.20200504.11},
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.},
year = {2020}
}
TY - JOUR T1 - An EOQ Inventory Model for Time-varying Deteriorating Items with Cubic Demand under Salvage Value and Shortages AU - Biswaranjan Mandal Y1 - 2020/11/11 PY - 2020 N1 - https://doi.org/10.11648/j.ijssam.20200504.11 DO - 10.11648/j.ijssam.20200504.11 T2 - International Journal of Systems Science and Applied Mathematics JF - International Journal of Systems Science and Applied Mathematics JO - International Journal of Systems Science and Applied Mathematics SP - 36 EP - 42 PB - Science Publishing Group SN - 2575-5803 UR - https://doi.org/10.11648/j.ijssam.20200504.11 AB - 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. VL - 5 IS - 4 ER -
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