Inventory models for deteriorative items with price dependent demand integrated with stock dependent demand

C.K. Sivashankari and T. Nithya

International Journal of Procurement Management, 2024, vol. 19, issue 4, 558-581

Abstract: Inventory models with integrated price and stock-dependent demands for deteriorative items are considered in this study. The demand models found in the literature include constant, linear, quadratic, exponential, price dependent, and stock dependent among others. To wit, no study exists that uses price dependent integrated with stock dependent demand. Three models are developed: the first model uses price-dependent demand integrated with stock-dependent demands. The second model uses stock-dependent demand which is given in Appendix A and the third model uses price-dependent demand which is given in Appendix B. Mathematical models are delineated for each model and relevant examples are provided to elucidate the proposed procedure. The objective herein is to obtain optimum cycle time with respect to the overall minimum cost. Sensitivity analysis is provided. The necessary data was generated using visual basic 6.0.

Keywords: inventory; integrated demands; stock dependent demand; price dependent demand; optimality; comparative study. (search for similar items in EconPapers)
Date: 2024
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