Open AccessProcurement and Pricing Decision for Trapezoidal Demand Rate and Time Dependent Deterioration
Author(s) -
Jitendra Kaushik,
Ashish Sharma
Publication year - 2019
Publication title -
international journal of innovative technology and exploring engineering
Language(s) - English
Resource type - Journals
ISSN - 2278-3075
DOI - 10.35940/ijitee.l3029.1081219
Subject(s) - economic shortage , procurement , sensitivity (control systems) , economics , order (exchange) , econometrics , function (biology) , constant (computer programming) , microeconomics , computer science , engineering , finance , linguistics , philosophy , management , electronic engineering , evolutionary biology , government (linguistics) , biology , programming language
Deterioration rate may be constant or varies with time. In real life time dependent deterioration is observed in many products like fruits, bakery products, milk products etc. Generally deterioration rate increases as the time passes. In this paper we present an inventory model for the trapezoidal type demand function and time dependent deterioration rate. Demand rate depends on time as well as price. Shortages are allowed with partial backlogging. In order to illustrate solution procedure numerical examples and sensitivity analysis have been demonstrated.