Minimization of Deteriorating Items in Inventory Management System

ABSTRACT The control and maintenance of inventories for deteriorating items is a common but an important issue in all organization. Items which are stocked for a long time interval in an inventory leads to the cause of deterioration. A management can suffer loss due to the inappropriate inventory policy. To overcome such situation researchers are trying to their best to develop suitable inventory models in inventory management system. In this paper, we develop an inventory model by considering the deterioration of an item. The model is allowed shortages and the rate of deterioration is followed by the Weibull distributed distribution. We determine total number of deteriorating items, shortage quantity and carrying inventory during a specified time interval from this model. The main objective of this model is to minimize the total number of deteriorating items in the inventory. Finally, we illustrate our model with a numerical example. Keywords: Deterioration, Weibull distributed distribution, Inventory policy, Shortage.