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Analysis of an Inventory System for Items with Stochastic Demand and Time Dependent Three-Parameter Weibull Deterioration Function
Department of Industrial Mathematics and Applied Statistics, Ebonyi State University, Abakaliki, Nigeria
Department of Statistics, University of Nigeria, Nsuka, Nigeria
Department of Mathematics, Michael Okpara University of Agriculture, Umudike, Nigeria
- 1 Department of Industrial Mathematics and Applied Statistics, Ebonyi State University, Abakaliki, Nigeria
- 2 Department of Statistics, University of Nigeria, Nsuka, Nigeria
- 3 Department of Mathematics, Michael Okpara University of Agriculture, Umudike, Nigeria
Applied Mathematics·Volume 10 (2019)·Pages 728–742·Published 6 September 2019·DOI10.4236/am.2019.109052
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Abstract
In recent times, mathematical models have been developed to describe various scenarios obtainable in the management of inventories. These models usually have as objective the minimizing of inventory costs. In this research work we propose a mathematical model of an inventory system with time-dependent three-parameter Weibull deterioration and a stochastic type demand in the form of a negative exponential distribution. Explicit expressions for the optimal values of the decision variables are obtained. Numerical examples are provided to illustrate the theoretical development.
KeywordsInventory ModelDeteriorating ItemsWeibull DistributionStochastic DemandMathCAD14
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