Open AccessInventory Control Problems with Exponential and Quadratic Demand considering Weibull Deterioration
Author(s) -
Raka Iswara Prathama Setiawan,
Julius Dharma Lesmono,
Taufik Limansyah
Publication year - 2021
Publication title -
journal of physics. conference series
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.21
H-Index - 85
eISSN - 1742-6596
pISSN - 1742-6588
DOI - 10.1088/1742-6596/1821/1/012057
Subject(s) - weibull distribution , economic shortage , quality (philosophy) , goods and services , control (management) , quadratic equation , value (mathematics) , exponential function , inventory control , business , economics , microeconomics , operations management , environmental economics , mathematics , statistics , economy , linguistics , philosophy , geometry , management , epistemology , government (linguistics) , mathematical analysis
Supplies are goods stored for use or sale in the future. In reality, it is often found that stored goods can experience deterioration (in terms of value/quality), that is to say goods are damaged, and have a limited service life (becoming expired), such as those found in food products, medicines, chemicals, and others. These factors are important ones that the seller needs to be aware of so as to ensure that the goods he stores are in good condition. Another aspect that cannot be ignored in the management of goods inventory is the demand from consumers, which is dynamic in nature. In this paper, a mathematical model will be developed considering Weibull deterioration for exponential demand and quadratic demand with shortages of time-dependent goods. Based on the results and sensitivity analysis conducted, it was found that the total cost of inventory will increase in accordance with the level of demand and the level of deterioration of goods.