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

Virali Vora; U. B. Goth

doi:https://doi.org/10.14445/22315373/IJMTT-V67I1P511

International Journal of Mathematics Trends and Technology

Research Article | Open Access | Download PDF

Volume 67 | Issue 1 | Year 2021 | Article Id. IJMTT-V67I1P511 | DOI : https://doi.org/10.14445/22315373/IJMTT-V67I1P511

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

Virali Vora, U. B. Goth

Citation :

Virali Vora, U. B. Goth, "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 (IJMTT), vol. 67, no. 1, pp. 70-78, 2021. Crossref, https://doi.org/10.14445/22315373/IJMTT-V67I1P511

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.

Keywords

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

References

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