Author(s)

Pandit Jagatananda Mishra¹, Trailokyanath Singh^2*, Hadibandhu Pattanayak³

¹Research Scholar, Ravenshaw University, Cuttack, India.
²Department of Mathematics, C. V. Raman College of Engineering, Bhubaneswar, India.
³Department of Mathematics, Institute of Mathematics and Applications, Bhubaneswar, India.

The present paper focuses an optimal policy of an inventory model for deteriorating items with generalized demand rate and deterioration rate. Shortages are allowed and partially backlogged. The salvage value is included into deteriorated units. The main objective of the model is to minimize the total cost by optimizing the value of the shortage point, cycle length and order quantity. A numerical example is carried out to illustrate the model and sensitivity analyses of major parameters are discussed.

EOQ, Quadratic Demand, Salvage Value, Shortage, Three-Parameter Weibull Deterioration Rate

Mishra, P. , Singh, T. and Pattanayak, H. (2016) An Optimal Policy with Quadratic Demand, Three-Parameter Weibull Distribution Deterioration Rate, Shortages and Salvage Value. American Journal of Computational Mathematics, 6, 200-211. doi: 10.4236/ajcm.2016.63021.