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EOQ Inventory Models for Deteriorating Item with Weibull Deterioration and Time-Varying Quadratic Holding Cost

Journal: International Journal of Computational Engineering Research(IJCER) (Vol.6, No. 1)

Publication Date:

Authors : ; ; ; ;

Page : 28-51

Keywords : Inventory; Partial Backlogging; Quadratic Holding Cost; Ramp-Type Demand; Single Item; Shortages; Weibull Deterioration;

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This paper develops an EOQ inventory model for deterioratingitemswith two parameters Weibull deterioration. Shortages are permissible andpartially backlogged. In this model we consider time varying quadratic holding cost and ramp-type demand. The model is developed under two different replenishment policies: (i) Starting with no shortages (ii) Starting with shortages.The aim of this study is to find the optimal solutiontominimizing the total inventory costs for both the above mentioned strategies. To elevate the model a numerical example has been carried out and a sensitivity analysis occurred to study the result of parameters on essential variables and the entire cost of this model.

Last modified: 2016-09-17 14:25:19