An inventory control model for deteriorating items with shortage under time varying holding cost for instantaneous replenishment
Journal Title: INTERNATIONAL JOURNAL OF RECENT TRENDS IN SCIENCE AND TECHNOLOGY - Year 2018, Vol 27, Issue 3
Abstract
In this paper, an Economic Order Quantity (EOQ) model has been developed. An item deteriorates with three parameter Weibull distribution where shortages are allowed. The optimal cycle time, optimal holding cost and total optimal cost has been derived for the model. The optimal Holding cost has been derived by minimizing the total inventory cost. A numerical example and sensitivity analysis are presented to illustrate the proposed model.
Authors and Affiliations
Pravin B Bansode, Sunil V Kawale
Keywords
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