Deterministic inventory model for items with time varying demand, Weibull distribution deterioration and shortages

Deterministic inventory model for items with time varying demand, Weibull distribution deterioration and shortages

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Article ID: iaor20023118
Country: Serbia
Volume: 12
Issue: 1
Start Page Number: 61
End Page Number: 71
Publication Date: Jan 2002
Journal: Yugoslav Journal of Operations Research
Authors:
Keywords: economic order
Abstract:

In this paper, an economic order quantity (EOQ) inventory model is depleted not only by time varying demand but also by Weibulll distribution deterioration, in which the inventory is permitted to start with shortages and end without shortages. A theory is developed to obtain the optimal solution of the problem; it is then illustrated with the aid of several numerical examples. Moreover, we also assume that the holding cost is a continuous, non-negative and non-decreasing function of time in order to extend the EOQ model. Finally, sensitivity of the optimal solution to changes in the values of different system parameters is also studied.

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