Inventory model for deteriorating items with Weibull rate of replenishment and selling price dependent demand
type: Item
instance of: scholarly article
title: Inventory model for deteriorating items with Weibull rate of replenishment and selling price dependent demand
zbMATH Open document ID: 1201.90020
DOI: 10.1504/IJOR.2010.035524
author: Sumit K. Garg
published in: International Journal of Operational Research
publication date: 2010-11-17T00:00:00Z
review text: Summary: We develop and analyse an inventory model with the assumption that the rate of production is random and follows a Weibull distribution and the demand is a function of selling price. Using the differential equations, the instantaneous state of inventory is obtained. With suitable cost considerations, the total cost function and profit rate function are derived. By maximising the profit rate function, the optimal ordering and pricing policies are obtained. The sensitivity of the model with respect to the parameters and costs is also analysed. It is observed that this model is much useful in analysing the inventory situations arising at food processing industries, pulse and edible oil processing industries, petrochemical industries, etc., where the rate of production is influenced by random factors such as raw material availability, maintenance of the machines, packaging, environmental conditions, etc.
Mathematics Subject Classification ID: 90B05
zbMATH DE Number: 5816970
zbMATH Keywords: inventory modelling
zbMATH Keywords: random replenishment
zbMATH Keywords: Weibull distribution
zbMATH Keywords: sensitivity analysis
zbMATH Keywords: deteriorating items
zbMATH Keywords: replenishment rate
zbMATH Keywords: price dependent demand
zbMATH Keywords: differential equations
zbMATH Keywords: total cost function
zbMATH Keywords: profit rate function
zbMATH Keywords: optimisation
zbMATH Keywords: ordering policy
zbMATH Keywords: pricing policy
MaRDI profile type: Publication
description: scientific article; zbMATH DE number 5816970