A study of inflation effects on an EOQ model for Weibull deteriorating/ameliorating items with ramp type of demand and shortages | Zendy

M. Valliathal | Zendy; R. Uthayakumar | Zendy

Open Access

A study of inflation effects on an EOQ model for Weibull deteriorating/ameliorating items with ramp type of demand and shortages

Author(s) -

M. Valliathal,

R. Uthayakumar

Publication year - 2013

Publication title -

yugoslav journal of operations research

Language(s) - English

Resource type - Journals

SCImago Journal Rank - 0.221

H-Index - 21

eISSN - 1820-743X

pISSN - 0354-0243

DOI - 10.2298/yjor110830008v

Subject(s) - economic order quantity , weibull distribution , economic shortage , discounting , economics , inflation (cosmology) , sensitivity (control systems) , econometrics , variable (mathematics) , mathematics , statistics , engineering , supply chain , mathematical analysis , linguistics , philosophy , physics , finance , electronic engineering , government (linguistics) , theoretical physics , political science , law

This paper deals with the effects of inflation and time discounting on an inventory model with general ramp type demand rate, time dependent (Weibull) deterioration rate and partial backlogging of unsatisfied demand. The model is studied under the replenishment policy, starting with shortages under two different types of backlogging rates, and their comparative study is also provided. We then use the computer software, MATLto find the optimal replenishment policies. Duration of positive inventory level is taken as the decision variable to minimize the total cost of the proposed system. Numerical examples are then taken to illustrate the solution procedure. Finally, sensitivity of the optimal solution to changes of the values of different system parameters is also studied

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