An economic order quantity model for items with Weibull distributed deterioration, shortages and power demand pattern

An inventory is considered which is depleted not only by the deterministic (or probabilistic) demand, but also by deterioration. We derive an EOQ model for inventory of items that deteriorate at a Weibull distributed rate, assuming the demand rate as a power function of times. Because the proposed deterministic (or probabilistic) model cannot be solved directly in a closed form, we used the computer software IMSL MATH/LIBRARY to find the optimal reorder time (or the optimal initial expected stock). Finally, three numerical examples and sensitivity analyses are provided to assess the solution procedure for the deterministic inventory model.