Abstract
A mathematical model for perishable items that follows Weibull distribution is developed,
considering time dependent demand rate, inflation and money value.
The concerned problem is solved analytically with the help of Simpson's 1/3rd formula
and NewtonRaphson method. An optimal production policy is derived with maximization of profit
as the criterion of optimality. The result is illustrated with a numerical example.
Sensitivity of the optimal solution to changes in the values of some key parameters is also studied.
