Advanced Modeling and Optimization

Abstract for Paper 2 of Volume 6, Number 1, 2004, pp. 21-35

An order-level inventory model for a deteriorating item with Weibull distribution deterioration, time-quadratic demand and shortages


Santanu Kumar Ghosh
Department of Mathematics,
The Bhawanipur Education Society College,
5, Lala Lajpat Rai Sarani, Kolkota-700020.
India.

K.S.Chaudhuri,
Department of Mathematics, Jadavpur University,
Kolkata-700032.
India.

 


Abstract
An inventory model is developed for a deteriorating item having an instantaneous supply, a quadratic time-varying demand and shortages in inventory. A two-parameter Weibull distribution is taken to represent the time to deterioration.
The model is solved analytically to obtain the optimal solution of the problem. The sensitivity of the optimal solution towards changes in the values of different system parameters is also studied. Special features of a time-quadratic demand are discussed.

Keywords: Inventory, Economic order quantity, Time-quadratic demand, Deterioration.