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- Title
LOGARITHMIC INVENTORY MODEL WITH SHORTAGE FOR DETERIORATING ITEMS.
- Authors
Kumar KHEDLEKAR, Uttam; SHUKLA, Diwakar; Singh CHANDEL, Raghovendra Pratap
- Abstract
In this paper, we have modeled a business process which starts with shortage of deteriorating items. After a duration managers have freedom to order the stock of assurance of committed customers. There are many products that follow logarithmic demand pattern, so in this paper we incorporate it with the shortage of items at the beginning. A new model is developed to obtain the optimal solution for such type of market situation and have obtained some valuable results. Numerical examples and simulation study is appended along with managerial insights.
- Subjects
INVENTORIES; MATHEMATICAL models; LOGARITHMIC functions; INVENTORY shortages; INVENTORY control; MATHEMATICAL optimization
- Publication
Yugoslav Journal of Operations Research, 2013, Vol 23, Issue 3, p431
- ISSN
0354-0243
- Publication type
Article
- DOI
10.2298/YJOR120925005K