An optimal policy for a deteriorating item with generalised deterioration rate and time-dependent demand under permissible delay in payment

Trailokyanath Singh and Hadibandhu Pattanayak

International Journal of Data Science, 2017, vol. 2, issue 2, 88-104

Abstract: The main objective of this paper is to develop an economic order quantity (EOQ) inventory model with the following characteristics: 1) deteriorating items follow a generalised Weibull distribution deterioration rate; 2) no shortage is allowed and (3) delay in payment is permitted. The results have been validated with the help of a numerical example. Sensitivity analysis of the optimal solution with respect to the parameters of the model is performed.

Keywords: deteriorating items; EOQ; economic order quantity; permissible delay in payment; time-dependent demand; three-parameter Weibull distribution deterioration rate. (search for similar items in EconPapers)
Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:ids:ijdsci:v:2:y:2017:i:2:p:88-104

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