An inventory model for two parameter Weibull deterioration and declining demand under shortages. Issue 4 (3rd July 2016)

• Record Type: Journal Article
• Authors: Mishra, Umakanta
• Is Part Of: Journal of information & optimization sciences. Volume 37:Issue 4(2016)
• Page Start: 511
• Page End: 533
• Publication Date: 2016-07-03
• Subjects: Inventory -- Demand -- Unit production cost -- Shortage; Electronic data processing -- Periodicals; Information science -- Periodicals; Mathematical optimization -- Periodicals; 519.6
• DOI: 10.1080/02522667.2015.1086145
• Languages: English
• ISSNs: 0252-2667

Abstract

Abstract: In this paper, for the first time, two inventory models for deteriorating items, where the demand rate is a function of time. The unit production cost is inversely proportional to demand. Two parameters Weibull deterioration has been considered for both the models. Shortages are not allowed in Model 1 whereas shortages are allowed in the Model 2 which are completely backlogged has been considered in this paper. The objective of the model is to develop optimal policy that minimizes the total average cost. Numerical examples are used to illustrate the proposed models. Sensitivity analysis has been carried out to show the effect of changes for each parameter on the optimal total average cost for both models.