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- Title
Inventory Model with Truncated Weibull Decay Under Permissible Delay in Payments and Inflation Having Selling Price Dependent Demand.
- Authors
Rao, K. Srinivasa; Amulya, M.; Devi, K. Nirupama
- Abstract
For optimal utilization of resources, the inventory models are required in several places such as market yards, production processes, warehouses, oil exploration industries and food vegetable markets. Huge work has been produced by several researchers in inventory models for obtaining optimal ordering quantity and pricing policies. This paper addresses an EOQ model for deteriorating items having Weibull decay under inflation and permissible delay in payments. It is considered that the demand of items is a function of selling price. It is further assumed that the decay of items starts after certain period of time which can be well characterized by truncated Weibull probability model for the life time of the commodity. The optimal ordering and pricing policies of this system are derived and analyzed in the light of the input parameters and costs. Through sensitivity analysis it is demonstrated that the delay in the payments and rate of inflation have significant effect on the optimal policies. This model is very useful in the analyzing market yards where sea foods, vegetables, fruits, edible oils are stored and distributed.
- Subjects
WEIBULL distribution; WAREHOUSE costs
- Publication
Reliability: Theory & Applications, 2022, Vol 17, Issue 4, p413
- ISSN
1932-2321
- Publication type
Article