A model on an EOQ optimal ordering policy varying with time-dependent cubic demand and variable deterioration under delay in payment conditions

Sephali Mohanty and Trailokyanath Singh

International Journal of Mathematics in Operational Research, 2023, vol. 26, issue 1, 37-58

Abstract: The main objective of the proposed paper is to extend Khanra et al. 's (2011) model with the following characteristics: 1) delay in payment is acceptable; 2) demand is a generalised demand pattern and is a cubic function of time; 3) deteriorating items follow a variable deterioration rate, which is a linear function of time; 4) neither partial backlogging nor complete backlogging has been taken into consideration. For settling the account, the formulation of the model is derived under two main approaches: case 1 - the grace period is less than the time period of the system or case 2 - the grace period is greater than the time period of the system. Finally, results are analysed and presented with the help of several numerical examples. Sensitivity analysis of all of the system parameters of the proposed model is discussed.

Keywords: delay in payment; deteriorating items; EOQ; time-dependent cubic demand; variable deterioration. (search for similar items in EconPapers)
Date: 2023
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