An economic order quantity model with generalized ramp-type demand and Weibull distribution deterioration

An economic order quantity model with generalized ramp-type demand and Weibull distribution deterioration

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Article ID: iaor20073193
Country: Singapore
Volume: 24
Issue: 1
Start Page Number: 93
End Page Number: 109
Publication Date: Feb 2007
Journal: Asia-Pacific Journal of Operational Research
Authors: , ,
Keywords: deteriorating items, economic order
Abstract:

An inventory model is discussed with generalized ramp-type demand where the time to deterioration follows Weibull distribution. Shortages of inventories are allowed and completely backlogged. Total cost is derived by trading off setup cost, holding cost, deterioration cost, and shortage cost. The optimal replenishment policy for a single period is derived by minimizing the total cost per unit time over infinite time horizon. A numerical example is presented and sensitivity analysis is also carried out. The rationale for generalized ramp-type demand is discussed.

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