An inventory model for deteriorating items under the condition of permissible delay in payments

In this study, we develop inventory models for Weibull distribution deterioration items when a delay in payments is permissible. Shortages are allowed and the demand rate is assumed to remain constant. Mathematical models are also derived for three different circumstances. The credit period is in the consumption period or shortage period or greater than the cycle time. Moreover, expressions for the total cost per time unit for the inventory system are derived on the basis of the above three different circumstances. These models assist the decision-makers in successfully determining the cycle time, shortage time, and ordering quantity. Finally, a numerical example is given to demonstrate the effectiveness of the derived model.