Analysis of Inventory Control Model with Modified Weibully Distributed Deterioration Rate, Partially Backlogged Shortages and Time Dependent Holding Cost

  IJMTT-book-cover
 
International Journal of Mathematics Trends and Technology (IJMTT)
 
© 2021 by IJMTT Journal
Volume-67 Issue-1
Year of Publication : 2021
Authors : Virali Vora, U. B. Gothi
  10.14445/22315373/IJMTT-V67I1P511

MLA

MLA Style: Virali Vora, U. B. Gothi "Analysis of Inventory Control Model with Modified Weibully Distributed Deterioration Rate, Partially Backlogged Shortages and Time Dependent Holding Cost" International Journal of Mathematics Trends and Technology 67.1 (2021):70-78. 

APA Style: Virali Vora, U. B. Gothi(2021). Analysis of Inventory Control Model with Modified Weibully Distributed Deterioration Rate, Partially Backlogged Shortages and Time Dependent Holding Cost International Journal of Mathematics Trends and Technology, 70-78.

Abstract
A deterministic inventory control model with deterioration is developed in this paper. Time to deteriorate follows three parameters modified Weibull distribution and exponential distribution with a two parameter Weibull demand rate. Holding cost is taken as a linear function of time keeping in mind the criteria of modern era. Shortages are allowed to occur which are partially backlogged and partially suffer a lost sale cost. The aim of the paper is to understand the retailer’s replenishment decisions under more practical circumstances such as time-dependent demand rate and lost sale situation in an economic order quantity model for deteriorating items. The mathematical model is explored by a numerical example to validate the applicability of the proposed model. We minimize the average total inventory cost subject to decision variables (inventory cycle time and inventory level) and perform the sensitivity analysis of the optimal solution on significant parameters to understand the stability and practicability of our results.

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Keywords : Linear demand rate, partially backlogged shortages, three parameter modified Weibull distribution