An inventory model for ameliorating/deteriorating items with trapezoidal demand and complete backlogging under inflation and time discounting. (9th November 2016)

• Record Type: Journal Article
• Authors: Srivastava, H. M.
• Is Part Of: Mathematical methods in the applied sciences. Volume 40:Number 8(2017)
• Page Start: 2980
• Page End: 2993
• Publication Date: 2016-11-09
• Subjects: inventory -- inflation rate -- time discounting rate -- trapezoidal‐type demand -- Weibull distribution deterioration and amelioration, complete backlogging; Mathematics -- Periodicals; Technology -- Mathematics -- Periodicals; 519
• DOI: 10.1002/mma.4214
• Languages: English
• ISSNs: 0170-4214

Abstract

Abstract : Recently, numerous inventory models were developed for ameliorating items (say, fish, ducklings, chicken, etc.) considering the constant demand rate. However, such types of problems are not useful in the real market. The demand rate of ameliorating items is fluctuates in their life‐period. The consumption and demand of ameliorating items are not generally steady. In a few seasons, the demand rate increases; ordinarily, it is static, and sometimes, it declines. With the outcome that their demand rate can be properly portrayed by a trapezoidal‐type. In the proposed model, an inventory model for ameliorating/deteriorating items are considered with inflationary condition and time discounting rate. Additionally, having shortages that is completely backlogged. The demand rate is taken as the continuous trapezoidal‐type function of time. The amelioration and deterioration rate are considered as Weibull distribution. To obtain the minimum cost, mathematical formulation of the proposed model with solution procedure is talked about. Numerical cases are given to be checked the optimal solution. Additionally, we have talked about the convexity of the proposed model through graphically. Conclusion with future worked are clarified appropriately. Copyright © 2016 John Wiley & Sons, Ltd.