Time Dependent Quadratic Demand Inventory Models when Delay in Payments is Acceptable
Journal Title: International Journal of Modern Engineering Research (IJMER) - Year 2014, Vol 4, Issue 3
Abstract
An EOQ model is constructed for deteriorating items with time dependent quadratic demand rate. It is assumed that the deterioration rate is constant and the supplier offers his retailer the credit period to settle the account of the procurement units. To solve the model it is further assumed that shortages are not allowed and the replenishment rate is instantaneous. We have presented the models under two different scenarios, viz., (i)the offered credit period is less than or equal to the cycle time and (ii) the offered credit period by the supplier to the retailer for settling the account is greater than cycle time. The objective is to minimize the retailers total inventory cost. Salvage value is also taken to see its effect on the total cost. A numerical example is given to study the effect of allowable credit period and the total cost of the retailer.
Authors and Affiliations
R. Venkateswarlu1 , M. S. Reddy
Keywords
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