Comparative study of purchasing EOQ model for time-sensitive holding cost under different demand with and without deterioration. (3rd April 2023)

• Record Type: Journal Article
• Authors: Tripathi, R.P.
• Is Part Of: International journal of mathematics in operational research. Volume 24:Number 4(2023)
• Page Start: 475
• Page End: 490
• Publication Date: 2023-04-03
• Subjects: inventory -- stock-linked demand -- exponential -- deterioration -- lot-size; Operations research -- Mathematical models -- Periodicals; Operations research -- Mathematics -- Periodicals; Decision making -- Mathematical models -- Periodicals; 658.4033
• Languages: English
• ISSNs: 1757-5850

Abstract

This paper investigates the effects of carrying cost, deterioration and different demand rates on the optimal control system. We proposed three EOQ models to compare over the cycle time in which carrying cost is linearly time dependent. Three models are considered. In the first model demand rate is stock-sensitive, while in the second model constant deterioration is included in addition to model one. In the third model constant deterioration and exponential demand rate is taken in to account. The total inventory cost in inventory systems is modelled. The optimal solution is derived for proposed models. The planned model is demonstrated with numerical examples and sensitivity analysis for finding decision-making insights. Based on the optimal solution some important theorems are obtained. Finally, comparisons of three proposed models are also discussed. Mathematica 7.0, software is used to find the numerical outcomes.