An EOQ inventory policy varying with exponential-constant-exponential demand and shortages

Itishree Rout, Trailokyanath Singh and Ameeya Kumar Nayak

International Journal of Mathematics in Operational Research, 2024, vol. 27, issue 2, 145-166

Abstract: In real market situations, it is often seen that most demands of the seasonal commodities run through three different phases, e.g., growth, steady and decline. The demand and the deterioration are taken as exponential-constant-exponential functions of time and constant, respectively. The model is divided into three policies according to the occurrence of the shortages period. The main purpose of the present paper is to investigate the effect of exponential-constant-exponential demand with seasonal commodities within the economic order quantity (EOQ) framework. Shortages as well as complete backlogged demand have been taken into consideration. A simple analytical procedure is presented to compute the optimal solutions of each policy. The model is well-explained with the help of three numerical examples. Finally, sensitivity analyses of all examples have also been performed to study the effectiveness of several system parameters on optimal solutions.

Keywords: backlogging; deterioration; economic order quantity; EOQ; exponential-constant-exponential type; replenishment. (search for similar items in EconPapers)
Date: 2024
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