Purchasing Inventory Models for Deteriorating Items with Quadratic Demand
DOI:
https://doi.org/10.22219/JTIUMM.Vol20.No2.204-217Keywords:
Inventory, Deteriorating, Quadratic Demand, Lot size.Abstract
This paper deals with purchasing inventory replenishment policy for deteriorating items, considering the time-dependent quadratic demand and time-dependent backlogging. Two models were formulated and solved. First, it is for deteriorating items with quadratically time-dependent demand for deteriorating items. Second, quadratically time-dependent demand for deteriorating items and shortages. A mathematical model is developed to the fourth-order equation for each model. The optimal production lot size, which minimizes the total cost, is derived. Sensitivity analysis is carried out to demonstrate the effects of changing parameter values on the optimal solution of the system. Numerical examples are taken to illustrate the procedure of finding the optimal inventory cost, cycle time, and optimal lot size. The numerical experiment in this model was coded in Microsoft Visual Basic 6.0.
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Author Biography
C. K. Sivashankari, Mathematics Department, RMK Engineering College, India
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