Enhancing an EPQ model for decaying items with ramp type time-reliant demand rate and partially stockpiled

M. Dhivya Lakshmi and A. Akilbasha

International Journal of Revenue Management, 2023, vol. 13, issue 4, 238-256

Abstract: A class of an economic production quantity (EPQ) model for decaying products is established in this article. In the propounded model, the rate of demand is exponentially time varying ramp type and the manufacturing rate is a combination of stock on hand and demand rate. Deterioration follows a Pareto distribution and shortages are granted and partially backlogged. The total inventory cost, cycle time, production times, consumption time and shortage time are optimised. This study incorporates a few traits that appear to have a connection with specific forms of stock, such as stockpiles of freshly released automobiles, the automobile sector, and so on. An analytical demonstration is shown for depicting the proposed model. Sensitivity analysis is accomplished regarding each one of the model parameters.

Keywords: EPQ model; partial backlogging; Pareto deterioration; ramp type demand rate; sensitivity analysis; total inventory cost. (search for similar items in EconPapers)
Date: 2023
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