Volume 5, Issue 4, December 2020, Page: 36-42
An EOQ Inventory Model for Time-varying Deteriorating Items with Cubic Demand under Salvage Value and Shortages
Biswaranjan Mandal, Department of Mathematics, Acharya Jagadish Chandra Bose College, Kolkata, West Bengal, India
Received: Oct. 3, 2020;       Accepted: Oct. 17, 2020;       Published: Nov. 11, 2020
DOI: 10.11648/j.ijssam.20200504.11      View  16      Downloads  4
Abstract
In this paper, an Economic Order Quantity (EOQ) inventory model is developed for time-varying deteriorating items. Researchers are constantly developing deteriorating inventory models to become more realistic. Many items like paddy, wheat, potato, onion, radioactive substance etc. are becoming damage over time. So time dependent deterioration is more realistic than a constant rate of deterioration of goods used in the present market. The assumption of constant demand rate may not be always appropriate for many inventory items like milk, vegetables etc, the age of these items has a negative impact on demand dure to loss of quality of such products, on the other hand, demand is becoming increased initially when new branded fashionable products like cosmetics, mobile, computer etc are launched in the market. So the demand rate is considered as a cubic function of time and time dependent holding cost. We also want to give importance on salvage value of an inventory system. The model is solved with salvages value associated to the units deteriorating during the cycle. Shortages are allowed and fully backlogged. Finally the model is illustrated with the help of a numerical example, some particular cases are derived and a comparative study of the optimal solutions towards different nature of demand is also presented graphically.
Keywords
Inventory, EOQ, Deteriorating Items, Cubic Demand, Salvages Value and Shortages
To cite this article
Biswaranjan Mandal, An EOQ Inventory Model for Time-varying Deteriorating Items with Cubic Demand under Salvage Value and Shortages, International Journal of Systems Science and Applied Mathematics. Vol. 5, No. 4, 2020, pp. 36-42. doi: 10.11648/j.ijssam.20200504.11
Copyright
Copyright © 2020 Authors retain the copyright of this article.
This article is an open access article distributed under the Creative Commons Attribution License (http://creativecommons.org/licenses/by/4.0/) which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
Reference
[1]
T. M. Whitin,“Theory of inventory management”, Princeton University Press, USA., (1957).
[2]
P. M. Ghare and G. F. Schrader, “A model for exponential decayinginventory. Journal of Industrial Engineering, 14, (1963), pp. 238-243.
[3]
Y. K. Shah and M. C. Jaiswal, “Anperiodic review inventory model for items that deteriorate continuously in time”, Int. J Prod. Res., 15, 1977, pp. 179-190.
[4]
S. P. Aggarwal, “A note on an order-level inventory model for a system with constant rate of deterioration”, Opsearch, 15, (1978), pp. 184-187.
[5]
Biswaranjan Mandal, “An EOQ inventory model for Weibull distributed deteriorating items under ramptype demand and shortages”, Opsearch, 47 (2), 2010, pp. 158-166.
[6]
V. Mishra and L. Singh, “An inventory model for ramptype demand, time dependent deteriorating items with salvage value and shortages, Int. J Appl. and Maths and Statistics, 23 (11), 2011, pp. 84-91.
[7]
R. K. Yadav and P. Yadav, “Volume flexibility in production model with cubic demand rate and Weibull distribution with partial backlogging”, ISOR J. of Mathematics, 4, 2013, pp. 29-34.
[8]
R. Venkateswarlu and R. Mohan, “An inventory model with quadratic demand, constant deterioration and salvage value, Res. J. of Mathematical and Statistical Sciences”, 2 (1), 2014, pp. 1-5.
[9]
Poonam Mishra and N. H. Shah, “Inventory management of time dependent deteriorating items with salvage value”, Applied Mathematical Sciences, 16 (2), 2008, pp. 793-796.
[10]
Ajanta Roy, “An inventory model for deteriorating items with price dependent demand and time-varying holding cost”, AMO, 10 (1). 2008.
[11]
C. K. Jaggi and S. P., “Aggarwal. EOQ for deteriorating items with salvage value”, Bulletin of Pure and Applied Sciences, 15 (1), 1996, pp. 67-71.
[12]
K. Karthikeyan and G. Santhi, “An inventory model for constant deteriorating items with cubic demand and salvage value”, Int. J Appl Eng. And Res., 10 (55), 2015 pp. 3723-3728.
[13]
V. Sharma, A. K. Sharma, “ A Deterministic Inventory Model with Cubic Demand and Infinite Time Horizon with Constant Deterioration and Salvage Value”, International Journal of Science and Research (IJSR), 5 (11), 2016, pp. 1643-1646.
[14]
G Santhi and K Karthikeyan, “An EOQ model for Weibull distribution deterioration with time-dependent cubic demand and backlogging”, IOP Conference Series: Materials Science and Engineering, 263 (2017) 042132 doi: 10.1088/1757-899X/263/4/042132.
[15]
R. Pakhira, UttamGhosh and S. Sarkar, “Study of Memory Effect in an Inventory Model with Quadratic Type Demand Rate and Salvage Value”, Applied Mathematical Sciences, 13 (5), 2019, pp. 209-223.
Browse journals by subject