Open AccessAn Inventory Analysis for Deteriorating Items Incorporating the Effect of Preservation Technology Investment When Demand is Time Dependent
Author(s) -
Md. Atiqur Rahman,
Md Harunur Rashid
Publication year - 2021
Publication title -
journal of advances in mathematics and computer science
Language(s) - English
Resource type - Journals
ISSN - 2456-9968
DOI - 10.9734/jamcs/2021/v36i1130413
Subject(s) - quadratic equation , function (biology) , sensitivity (control systems) , operations research , investment (military) , computer science , demand curve , quadratic function , econometrics , mathematical optimization , economics , mathematics , microeconomics , engineering , geometry , electronic engineering , evolutionary biology , politics , political science , law , biology
The goal of this work is to characterize preservation technique for deteriorating items in order to lessen the rate of deterioration. This study looks at a degrading inventory model with time-dependent demand that is a quadratic function of time. The rate of degradation in this model is determined by deterministic deterioration, which is a quadratic function of time. The main objective is to determine the effect of preservation technology for deteriorating items where the demand function is time variable and analyze the significance of preservation technology. The major goal of this article is to look at the inventory model's minimum cost per unit time. With the help of a numerical example, the results are validated. The ideal solution is subjected to a sensitivity analysis with regard to several parameters. Finally, a graph depicts the behavior of the relationship between parameters and total inventory cost.