Open AccessAn EPQ model with life-time items with multivariate demandwith markdown policy under shortages and inflation
Author(s) -
S.R. Singh,
Monika Rani
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 - 10.1088/1742-6596/1854/1/012045
Subject(s) - economic shortage , inflation (cosmology) , multivariate statistics , economics , profit (economics) , econometrics , sensitivity (control systems) , macroeconomics , microeconomics , mathematics , engineering , statistics , linguistics , philosophy , physics , electronic engineering , government (linguistics) , theoretical physics
Shortages are quite common in command economics and inflation is a regular increment in the price of services and goods in an economy over a span of time. In this paper we established an EPQ model with life-time items with multivariate demand with markdown policy under shortages and inflation. We also discover an inventory model that gives the best markdown time with shortages and inflation and at the same time maximize annual profit. An inventory model by using mathematical tools is developed. The numerical experiments together with sensitivity analysis for relevant parameter is provided to show the behaviour of model.