Time and Price Dependent Demand with Varying Holding Cost Inventory Model for Deteriorating Items

Diwakar Shukla, Uttam Kumar Khedlekar and Raghovendra Pratap Singh Chandel
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Diwakar Shukla: Department of Mathematics & Statistics, H. S. Gour Central University, Sagar, Madhya Pradesh, India
Uttam Kumar Khedlekar: Department of Mathematics & Statistics, H. S. Gour Central University, Sagar, Madhya Pradesh, India
Raghovendra Pratap Singh Chandel: Department of Mathematics & Computer Sciences, Government Model Science College, Jabalpur, Madhya Pradesh, India

International Journal of Operations Research and Information Systems (IJORIS), 2013, vol. 4, issue 4, 75-95

Abstract: This paper presents an inventory model considering the demand as a parametric dependent linear function of time and price both. The coefficient of time-parameter and coefficient of price-parameter are examined simultaneously and proved that time is dominating variable over price in terms of earning more profit. It is also proved that deterioration of item in the inventory is one of the most sensitive parameter to look into besides many others. The robustness of the suggested model is examined using variations in the input parameters and ranges are specified on which the model is robust on most of occasions and profit is optimal. Two kinds of doubly-demand function strategies are examined and mutually compared in view of the two different cases. Second strategy found better than first. Holding cost is treated as a variable. Theoretical results are supported by numerical based simulation study with robustness. Some recommendations are given at the end for the inventory managers and also open problems are discussed for researchers. This model is more realistic than considered by earlier author.

Date: 2013
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