International Journal of Mathematics Trends and Technology
Volume 70 | Issue 10 | Year 2024 | Article Id. IJMTT-V70I10P103 | DOI : https://doi.org/10.14445/22315373/IJMTT-V70I10P103
| Received | Revised | Accepted | Published |
|---|---|---|---|
| 10 Aug 2024 | 19 Sep 2024 | 09 Oct 2024 | 30 Oct 2024 |
In this study, we present a deterministic stock model for overseeing deteriorating items, where the replenishment rate is progressively reliant upon the stock level. The model integrates the complexities associated with holding, ordering, and deterioration costs, providing a comprehensive framework for optimizing inventory control in supply chains dealing with perishable or time-sensitive goods. By incorporating a finite replenishment rate that varies with the current stock level, the model reflects realistic replenishment scenarios and helps minimize total costs by determining the optimal cycle length. Sensitivity analysis is directed to assess the effect of varieties in key boundaries, for example, deterioration rates, holding costs, and demand rates on the complete stock expense. The findings offer valuable insights into the cost drivers in inventory systems with deteriorating items, enabling decision-makers to formulate more effective inventory policies that balance replenishment frequency, storage, and deterioration losses. This model is particularly applicable to industries like pharmaceuticals, food, and chemicals, where product shelf life and replenishment dynamics play a crucial role in operational efficiency.
Deterministic inventory model, Deteriorating products, Replenishment rate, Inventory level dependency, Total cost optimization, Cycle length, Holding cost, Ordering cost, Deterioration cost, Sensitivity analysis, Cost minimization.
[1] M.A. Ahmed, T.A. Al-Khamis, and L. Benkherouf, “Inventory Models with Ramp Type Demand Rate, Partial Backlogging and General
Deterioration Rate,” Applied Mathematics and Computation, vol. 219, no. 9, pp. 4288-4307, 2013.
[CrossRef] [Google Scholar] [Publisher Link]
[2] Nirmal Kumar Duari, and Tripti Chakraborti, “An Order Level EOQ Model for Deteriorating Items in a Single Warehouse System with
Price Dependent Demand and Shortage,” American Journal of Engineering Research, vol. 3, no. 4, pp. 11-16, 2014.
[Google Scholar] [Publisher Link]
[3] Musaraf Hossain et al., “A Profit-Cost Ratio Maximization Approach for a Manufacturing Inventory Model Having Stock-Dependent
Production Rate and Stock And Price-Dependent Demand Rate,” Results in Control and Optimization, vol. 15, pp. 1-15, 2024.
[CrossRef] [Google Scholar] [Publisher Link]
[4] Rui Pinto, and Gil Gonçalves, “Application of Artificial Immune Systems in Advanced Manufacturing,” Array, vol.15, pp. 1-24,
2022.
[CrossRef] [Google Scholar] [Publisher Link]
[5] S.S. Sanni, and W.I.E. Chukwu, “An Economic Order Quantity Model for Items with Three- Parameter Weibull Distribution
Deterioration, Ramp-Type Demand And Shortages,” Applied Mathematical Modelling, vol. 37, no. 23, pp. 9698-9706, 2013.
[CrossRef] [Google Scholar] [Publisher Link]
[6] Ali Akbar Shaikh et al., “An Inventory Model for Deteriorating Items with Preservation Facility of Ramp Type Demand and Trade
Credit,” International Journal of Mathematics in Operational Research, vol. 17, no. 4, pp. 514-521, 2020.
[CrossRef] [Google Scholar] [Publisher Link]
[7] Ashish Sharma, and Jitendra Kaushik, “Inventory Model for Deteriorating Items with Ramp Type Demand under Permissible Delay in
Payment,” International Journal Procurement of Management, vol. 14, no. 5, pp. 578-595, 2021.
[CrossRef] [Google Scholar] [Publisher Link]
[8] Yan Shi et al., “Optimal Ordering Policies for a Single Deteriorating Item with Ramp-Type Demand Rate Under Permissible Delay in
Payments,” Journal of Operation Research Society, vol. 70, no. 10, pp. 1848-1868, 2019.
[CrossRef] [Google Scholar] [Publisher Link]
[9] Trailokyanath Singh, Pandit Jagatananda Mishra and Hadibandhu Pattanayak, “An EOQ Inventory Model for Deteriorating Items
Withtime-Dependent Deterioration Rate, Ramp-Type Demand Rate and Shortages,” International Journal of Mathematics in
Operational Research, vol. 12, no. 4, pp. 423-437, 2018.
[CrossRef] [Google Scholar] [Publisher Link]
[10] Saurabh Srivastava, and Harendra Singh, “Deterministic Inventory Model for Items with Linear Demand, Variable Deterioration and
Partial Backlogging,” International Journal of Inventory Research, vol. 4, no. 4, pp. 333-349, 2018.
[CrossRef] [Google Scholar] [Publisher Link]
[11] Puja Supakar, and Sanat Kumar Mahato, “An EPQ Model with Time Proportion Deterioration and Ramp Type Demand under Different
Payment Schemes with Fuzzy Uncertainties,” International Journal of System Science Operations and Logistics, vol. 9, no. 1,
pp. 96-110, 2022.
[CrossRef] [Google Scholar] [Publisher Link]
[12] R. Uthayakumar, and S.K. Karuppasamy, “An EOQ Model for Deteriorating Items with Different Types of Time-Varying Demand in
Healthcare Industries,” The Journal of Analysis, vol. 27, no. 1, pp. 3-18, 2019.
[CrossRef] [Google Scholar] [Publisher Link]
[13] Jing Zhao, and Lisha Wang, “Pricing and Retail Service Decisions in Fuzzy Uncertainty Environments,” Applied Mathematics and
Computation, vol. 250, pp.
[CrossRef] [Google Scholar] [Publisher Link]
Hariom, Dharamender Singh, Kailash Chandra Sharma, "A Deterministic Inventory Model for Deteriorating Products with Replenishment Rate Dependent on Inventory Level," International Journal of Mathematics Trends and Technology (IJMTT), vol. 70, no. 10, pp. 14-21, 2024. Crossref, https://doi.org/10.14445/22315373/IJMTT-V70I10P103
PDF 
Abstract 
Keywords 
References 
Citation