Inventory model for deteriorating items with price and time-dependent seasonal demand

Pratibha Sharma, Ashish Sharma and Sanjay Jain

International Journal of Procurement Management, 2019, vol. 12, issue 4, 363-375

Abstract: Deteriorating items are considered as the main source of revenue. Many deteriorating items pusses the seasonal demand pattern. Generally, the sellers made a bulk purchase during the season and used the replenished inventory over a number of successive demand seasons. Thus, the inventory models for deteriorating item with a seasonal demand will provide valuable managerial insights. We developed a deterministic inventory model with price and time-dependent seasonal demand rate for items undergoing constant deterioration. Replenished inventory is used for more than one successive season and after depletion, at the end of the season order is placed for next replenishment. Shortages are considered only for one season. Time-dependent partial backlogging is considered for shortages. Analytical results for the optimality of the profit function with respect to decision variables in closed-form expressions are presented. Solution procedure and analytical results are verified with a numerical example.

Keywords: inventory; deterioration; seasonal demand; time and price dependent demand; backlogging. (search for similar items in EconPapers)
Date: 2019
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