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Back Issues of Engineering & Technology in India - From February 2016
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M. S. Thirumalai
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An Inventory Model with Weibull Deterioration Rate
Under the Delay in Payment in Demand Declining Market with Salvage Value
Ms. K. Muthulakshmi, M.Sc., B.Ed., M.Phil.
Abstract
In this paper, we purposed an Economic Order Quantity (EOQ) based model for deteriorating items with weibull deterioration in a declining market when the supplier offers a permissible delay in payments to the retailer to settle the account against the purchases. The algorithm is exhibited for an retailer to determine the optimal order quantity which minimizes the total inventory cost per time unit. A numerical example is given to demonstrate the optimal decision for the retailer. The sensitivity analysis is carried out to analysis the changes in the changes in optimal solution with respect to other different parameter.
Keywords: Weibull Deterioration, lot size, trade credit, declining demand, salvage value.
1. INTRODUCTION
Inventory models play an important role in operations research and management science. It is an integral part of logistic systems common to all sectors of economy. Because of the importance of this branch of decision making in a number of practical situations in Government, military organizations, industries, hospitals etc.; significant development of the subject in new directions resulted. The main factors affecting the inventory are demand, lifetime of items stored, production rate, lead time, damage rate due to external disaster, availability of space in store, etc.
If all the parameters are known before hand, then the inventory model is called deterministic inventory model. If some or all of these parameters are not known with certainty, then it is justifiable to consider them as random variables with some probability distributions and the resulting inventory model is then called stochastic inventory model. There can be single or multi-commodity inventory systems. Inventory systems may again be classified as continuous review or periodic review. In continuous review, the system is monitored continuously over time. In periodic review systems, the system is monitored at discrete, equally spaced instants of time.
This is only the beginning part of the article. PLEASE CLICK HERE TO READ THE ENTIRE ARTICLE IN PRINTER-FRIENDLY VERSION.
Ms. K. Muthulakshmi, M.Sc., B.Ed., M.Phil.
Lecturer in Mathematics
Department of Mathematics
Theni Kammavar Sangam College of Technology
Theni 625 534
Tamil Nadu
India
mkmuthulaxmi2008@gmail.com
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