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An Inventory Model for Deteriorating Items with Exponential Declining Demand and Time-Varying Holding Cost
Department of Mathematics, Kamala Neheru Womens College, Bhubaneswar, India
Department of Mathematics, C. V. Raman College of Engineering, Bhubaneswar, India
Department of Mathematics, KIIT University, Bhubaneswar, India
- 1 Department of Mathematics, Kamala Neheru Womens College, Bhubaneswar, India
- 2 Department of Mathematics, C. V. Raman College of Engineering, Bhubaneswar, India
- 3 Department of Mathematics, KIIT University, Bhubaneswar, India
American Journal of Operations Research·Volume 04 (2014)·Pages 1–7·Published 6 January 2014·DOI10.4236/ajor.2014.41001
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Abstract
In the present paper, a total optimal cost of an inventory model with exponential declining demand and constant deterioration is considered. The time-varying holding cost is a linear function of time. Shortages are not allowed. The items (like food grains, fashion apparels and electronic equipments) have fixed shelf-life which decreases with time during the end of the season. A numerical example is presented to demonstrate the model and the sensitivity analysis of various parameters is carried out.
KeywordsConstant DeteriorationExponential Declining DemandInventoryTime Dependent Holding Cost
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