Optimal replenishment policy for items with three-parameter Weibull deterioration, stock-level dependent demand and partial backlogging
Our focus in this paper is on determining an optimal replenishment policy for items with three-parameter Weibull distribution deterioration and inventory-level dependent demand. We developed and analyzed the model under the assumption of partial backlogging. The three-parameter Weibull hazard rate c...
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| Format: | Article |
| Language: | English |
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University of Belgrade
2018-01-01
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| Series: | Yugoslav Journal of Operations Research |
| Subjects: | |
| Online Access: | http://www.doiserbia.nb.rs/img/doi/0354-0243/2018/0354-02431600019S.pdf |
| _version_ | 1819210123323637760 |
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| author | Sanni Smaila S. Chigbu Polycarp E. |
| author_facet | Sanni Smaila S. Chigbu Polycarp E. |
| author_sort | Sanni Smaila S. |
| collection | DOAJ |
| description | Our focus in this paper is on determining an optimal replenishment policy for items with three-parameter Weibull distribution deterioration and inventory-level dependent demand. We developed and analyzed the model under the assumption of partial backlogging. The three-parameter Weibull hazard rate captures the impact of already deteriorated items that are received into the inventory, as well as those items that may start deteriorating in future. The inventory-level demand reflects a real market demand for product whose sales is enhanced by stock on display. We study a case base examples to gain some quantitative insight into the proposed model and we perform sensitivity analysis to draw some managerial implications. |
| first_indexed | 2024-12-23T06:06:10Z |
| format | Article |
| id | doaj.art-8acc73c8e9bf443ba49463157719ed25 |
| institution | Directory Open Access Journal |
| issn | 0354-0243 1820-743X |
| language | English |
| last_indexed | 2024-12-23T06:06:10Z |
| publishDate | 2018-01-01 |
| publisher | University of Belgrade |
| record_format | Article |
| series | Yugoslav Journal of Operations Research |
| spelling | doaj.art-8acc73c8e9bf443ba49463157719ed252022-12-21T17:57:33ZengUniversity of BelgradeYugoslav Journal of Operations Research0354-02431820-743X2018-01-0128110712110.2298/YJOR151120019S0354-02431600019SOptimal replenishment policy for items with three-parameter Weibull deterioration, stock-level dependent demand and partial backloggingSanni Smaila S.0Chigbu Polycarp E.1University of Nigeria, Faculty of Physical Sciences, Department of Statistics, Nsukka, NigeriaUniversity of Nigeria, Faculty of Physical Sciences, Department of Statistics, Nsukka, NigeriaOur focus in this paper is on determining an optimal replenishment policy for items with three-parameter Weibull distribution deterioration and inventory-level dependent demand. We developed and analyzed the model under the assumption of partial backlogging. The three-parameter Weibull hazard rate captures the impact of already deteriorated items that are received into the inventory, as well as those items that may start deteriorating in future. The inventory-level demand reflects a real market demand for product whose sales is enhanced by stock on display. We study a case base examples to gain some quantitative insight into the proposed model and we perform sensitivity analysis to draw some managerial implications.http://www.doiserbia.nb.rs/img/doi/0354-0243/2018/0354-02431600019S.pdfinventory modelstock-dependent demanddifferential equationoptimal policyhazard function |
| spellingShingle | Sanni Smaila S. Chigbu Polycarp E. Optimal replenishment policy for items with three-parameter Weibull deterioration, stock-level dependent demand and partial backlogging Yugoslav Journal of Operations Research inventory model stock-dependent demand differential equation optimal policy hazard function |
| title | Optimal replenishment policy for items with three-parameter Weibull deterioration, stock-level dependent demand and partial backlogging |
| title_full | Optimal replenishment policy for items with three-parameter Weibull deterioration, stock-level dependent demand and partial backlogging |
| title_fullStr | Optimal replenishment policy for items with three-parameter Weibull deterioration, stock-level dependent demand and partial backlogging |
| title_full_unstemmed | Optimal replenishment policy for items with three-parameter Weibull deterioration, stock-level dependent demand and partial backlogging |
| title_short | Optimal replenishment policy for items with three-parameter Weibull deterioration, stock-level dependent demand and partial backlogging |
| title_sort | optimal replenishment policy for items with three parameter weibull deterioration stock level dependent demand and partial backlogging |
| topic | inventory model stock-dependent demand differential equation optimal policy hazard function |
| url | http://www.doiserbia.nb.rs/img/doi/0354-0243/2018/0354-02431600019S.pdf |
| work_keys_str_mv | AT sannismailas optimalreplenishmentpolicyforitemswiththreeparameterweibulldeteriorationstockleveldependentdemandandpartialbacklogging AT chigbupolycarpe optimalreplenishmentpolicyforitemswiththreeparameterweibulldeteriorationstockleveldependentdemandandpartialbacklogging |