TITLE:
An Optimal Policy with Quadratic Demand, Three-Parameter Weibull Distribution Deterioration Rate, Shortages and Salvage Value
AUTHORS:
Pandit Jagatananda Mishra, Trailokyanath Singh, Hadibandhu Pattanayak
KEYWORDS:
EOQ, Quadratic Demand, Salvage Value, Shortage, Three-Parameter Weibull Deterioration Rate
JOURNAL NAME:
American Journal of Computational Mathematics,
Vol.6 No.3,
July
15,
2016
ABSTRACT: 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.