A deterministic inventory model for deteriorating items with selling price dependent demand and three-parameter Weibull distributed deterioration
In this paper, an attempt is made to develop two inventory models for deteriorating items with variable demand dependent on the selling price and frequency of advertisement of items. In the first model, shortages are not allowed whereas in the second, these are allowed and partially backlogged with...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
| Published: |
Growing Science
2014-06-01
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| Series: | International Journal of Industrial Engineering Computations |
| Subjects: | |
| Online Access: | http://www.growingscience.com/ijiec/Vol5/IJIEC_2014_5.pdf |
| _version_ | 1811260959261458432 |
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| author | Asoke Kumar Bhunia Ali Akbar Shaikh |
| author_facet | Asoke Kumar Bhunia Ali Akbar Shaikh |
| author_sort | Asoke Kumar Bhunia |
| collection | DOAJ |
| description | In this paper, an attempt is made to develop two inventory models for deteriorating items with variable demand dependent on the selling price and frequency of advertisement of items. In the first model, shortages are not allowed whereas in the second, these are allowed and partially backlogged with a variable rate dependent on the duration of waiting time up to the arrival of next lot. In both models, the deterioration rate follows three-parameter Weibull distribution and the transportation cost is considered explicitly for replenishing the order quantity. This cost is dependent on the lot-size as well as the distance from the source to the destination. The corresponding models have been formulated and solved. Two numerical examples have been considered to illustrate the results and the significant features of the results are discussed. Finally, based on these examples, the effects of different parameters on the initial stock level, shortage level (in case of second model only), cycle length along with the optimal profit have been studied by sensitivity analyses taking one parameter at a time keeping the other parameters as same. |
| first_indexed | 2024-04-12T18:55:25Z |
| format | Article |
| id | doaj.art-1078f30a181f41eba0bef4ce43ea98ae |
| institution | Directory Open Access Journal |
| issn | 1923-2926 1923-2934 |
| language | English |
| last_indexed | 2024-04-12T18:55:25Z |
| publishDate | 2014-06-01 |
| publisher | Growing Science |
| record_format | Article |
| series | International Journal of Industrial Engineering Computations |
| spelling | doaj.art-1078f30a181f41eba0bef4ce43ea98ae2022-12-22T03:20:20ZengGrowing ScienceInternational Journal of Industrial Engineering Computations1923-29261923-29342014-06-015349551010.5267/j.ijiec.2014.2.002A deterministic inventory model for deteriorating items with selling price dependent demand and three-parameter Weibull distributed deteriorationAsoke Kumar BhuniaAli Akbar ShaikhIn this paper, an attempt is made to develop two inventory models for deteriorating items with variable demand dependent on the selling price and frequency of advertisement of items. In the first model, shortages are not allowed whereas in the second, these are allowed and partially backlogged with a variable rate dependent on the duration of waiting time up to the arrival of next lot. In both models, the deterioration rate follows three-parameter Weibull distribution and the transportation cost is considered explicitly for replenishing the order quantity. This cost is dependent on the lot-size as well as the distance from the source to the destination. The corresponding models have been formulated and solved. Two numerical examples have been considered to illustrate the results and the significant features of the results are discussed. Finally, based on these examples, the effects of different parameters on the initial stock level, shortage level (in case of second model only), cycle length along with the optimal profit have been studied by sensitivity analyses taking one parameter at a time keeping the other parameters as same.http://www.growingscience.com/ijiec/Vol5/IJIEC_2014_5.pdfInventoryDeteriorationWeibull distributionVariable demandPartially backlogged shortageNon-linear programming |
| spellingShingle | Asoke Kumar Bhunia Ali Akbar Shaikh A deterministic inventory model for deteriorating items with selling price dependent demand and three-parameter Weibull distributed deterioration International Journal of Industrial Engineering Computations Inventory Deterioration Weibull distribution Variable demand Partially backlogged shortage Non-linear programming |
| title | A deterministic inventory model for deteriorating items with selling price dependent demand and three-parameter Weibull distributed deterioration |
| title_full | A deterministic inventory model for deteriorating items with selling price dependent demand and three-parameter Weibull distributed deterioration |
| title_fullStr | A deterministic inventory model for deteriorating items with selling price dependent demand and three-parameter Weibull distributed deterioration |
| title_full_unstemmed | A deterministic inventory model for deteriorating items with selling price dependent demand and three-parameter Weibull distributed deterioration |
| title_short | A deterministic inventory model for deteriorating items with selling price dependent demand and three-parameter Weibull distributed deterioration |
| title_sort | deterministic inventory model for deteriorating items with selling price dependent demand and three parameter weibull distributed deterioration |
| topic | Inventory Deterioration Weibull distribution Variable demand Partially backlogged shortage Non-linear programming |
| url | http://www.growingscience.com/ijiec/Vol5/IJIEC_2014_5.pdf |
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