Open AccessAn Ordering Policy for Deteriorating and Weibull Ameliorating items with Time-Varying Demand and Partial Backlogging
Author(s) -
Biswaranjan Manda
Publication year - 2020
Language(s) - English
DOI - 10.47260/jcomod/1031
Subject(s) - obsolescence , weibull distribution , economic shortage , time horizon , economics , econometrics , time value of money , economic order quantity , sensitivity (control systems) , computer science , operations research , statistics , mathematics , mathematical optimization , engineering , business , supply chain , linguistics , philosophy , finance , marketing , government (linguistics) , electronic engineering
Deterioration means decay, evaporation, and obsolescence, loss of quality ormarginal value of a commodity. Obviously, deterioration decreases the usefulnessof the good from its original condition. Again we know the longer the goods whichare kept in inventory, the higher the deteriorating cost. Pertinently there are fewresearch papers dealing with the inventory model under the environment ofAmelioration of items. The present paper deals with an inventory model for bothameliorating and deteriorating items. The amelioration rate follows the Weibulldistribution and the time-varying demand rate is assumed as over a fixed timehorizon and shortages which is partially backlogged. Finally the model is illustratedwith the help of a numerical example, some particular cases are derived and thesensitivity analysis of the optimal solution towards the changes in the values ofdifferent parameters is also studied.Subject classification: AMS Classification No. 90B05, 97M40.Key Words: Inventory, Deteriorating, Ameliorating, Weibull distribution, Timevarying demand, Shortages, and Partial backlogging.