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- Title
Comparative study of Economic Order Quantity (EOQ) model for time - sensitive holding cost with constant and exponential time - dependent Demand with and without deterioration.
- Authors
Tripathi, R. P.; Mishra, Sachin
- Abstract
In the study of EOQ models the consideration of constant demand over infinite planning horizon is valid in the maturity stage of the commodity life cycle and for a limited period. In other stages of an item life cycle, demand for a commodity may rise of fall according to the situation. Several research papers were published with stable and fluctuating demand. In this study three models are discussed viz. (i) invariable demand (ii) exponential time - sensitive demand and (iii) exponential time - dependent under deterioration. Holding cost is considered linearly time sensitive. Mathematical models are discussed for these three models for finding optimal solution. Bases on the optimal solution numerical examples and sensitivity analysis are discussed. The comparison of these models is also conversed. Mathematica software 7.0 software is used to find the numerical outcomes.
- Subjects
PRODUCT life cycle; HOLDING cost; MATHEMATICAL models; CONSUMPTION (Economics); COMPUTER software
- Publication
International Journal of Operations Research, 2022, Vol 19, Issue 1, p1
- ISSN
1813-713X
- Publication type
Article
- DOI
10.6886/IJOR.202203_19(1).0001