Optimal Ordering Policies of a Single Item Inventory Model with Stock- and Price Dependent Demand for Deteriorating Items with Variable Cycle Lengths
Journal Title: International Journal of Mathematics and Computer Applications Research (IJMCAR) - Year 2017, Vol 7, Issue 4
Abstract
Many goods undergo deterioration over time, which suffers from depletion by direct spoilage while in storage. So, decay or deterioration of these goods in stock is a very realistic feature and it is necessary to use this factor in inventory models. In the present paper, an inventory replenishment model for deteriorating items is developed with the assumptions that demand is a function of selling price and on-hand inventory. The cycle length of successive replenishments is a variable in the planning period. It is assumed that the cycle length in each cycle decreases in Arithmetic Progression. Shortages are allowed and are fully backlogged. The instantaneous state of inventory with shortages is derived. The total cost function of the horizon is obtained with suitable costs. The optimal pricing and ordering policies of the model are derived. The objective is to determine a replenishment policy that minimizes the total inventory cost. The model is illustrated with some numerical results. The sensitivity of the model with respect to the parameters and cost is also discussed. This model includes some of the earlier models as particular cases.
Authors and Affiliations
V. V. S. S. V. Prasad Rao Patnaik, K. Srinivasa Rao
Keywords
Related Articles
- EP ID EP239884
- DOI -
- Views 115
- Downloads 0
A HOMOTOPY ANALYSIS METHOD TO FLOW AND HEAT TRANSFER CHARACTERESTICS OF A VISCO-ELASTIC FLUID THROUGH POROUS MEDIUM OVER AN EXPONENTIALLY STRETCHING SHEET WITH VISCOUS DISSIPATION
In this paper, a detailed analysis is carried out to study the flow and heat transfer characteristics of visco-elastic fluid over an exponentially stretching sheet in a porous medium with viscous dissipation. The governi...
AN EFFICIENT MODIFIED CUCKOO SEARCH OPTIMIZATION WITH THE RATIONAL BARRIER FUNCTION
Recent modern optimization algorithms are often very successful in solving NP-hard improvement problems. One of the main disadvantages of the search algorithm in cuckoo (CS) is the weakness of its ability as a local sear...
MULTI-OBJECTIVE STOCHASTIC INTUTIONISTIC FUZZY LINEAR PROGRAMMING PROBLEM
Stochastic or random programming (SP) is a framework for modeling Linear Programming Problems(LPP) that fasten haziness. The common goal is tattered in solving random LPPs has still been to alter a stochastic model into...
New Three-Term Conjugate Gradient Method for Solving Unconstrained Optimization Problems
In this paper we used, the Dai-Yuan nonlinear conjugate gradient (DYCG) method, to the three-term conjugate gradient (TDYCG) method and the derivation of the method, based on the Perry’s conjugacy condition .The global c...
HEAT AND MASS TRANSFER WITH CHEMICAL REACTION EFFECTS ON MHD FREE CONVECTION FLOW THROUGH A MOVING PERMEABLE VERTICAL SURFACE EMBEDDED IN A POROUS MEDIUM
In this paper, an analysis is performed to study the momentum, heat and mass transfer characteristics of MHD natural convection flow over a moving permeable surface. The surface is maintained at linear temperature and co...