Indian Journal of Science and Technology
DOI: 10.17485/ijst/2015/v8i10/51936
Year: 2015, Volume: 8, Issue: 10, Pages: 975–981
Original Article
Rekha Rani Chaudhary1 and Vikas Sharma2*
1 Department of Mathematics, Government Engineering College Bharatpur, Rajasthan - 321001, Maharashtra, India; Rekhaparth2002@yahoo.co
2 Banasthali Vidyapith, Rajasthan - 304022, Maharashtra, India; Vikasgaur01@gmail.com
The present paper deal with an inventory model which is developed for most of the physical goods undergoes decay or deterioration over time. Commodities such as fruits, vegetables and foodstuffs suffer from depletion by direct spoilage while kept in store. The deterioration rate follows the Weibull distribution with two parameters. Demand rate is assumed as price dependent in linear form. It is an ordinary fact that unique price of items attracts more customers. The model is solved numerically by when shortages are partially backlogged with inflation. Analytical and numerical solution of the model is obtained to verify the optimal solution. Comprehensive sensitivity analysis has been given for viewing the result of variation in the parameter. The model is solved analytically by maximizing the total profit.
Keywords: Deteriorating Items, EOQ Model, Inventory, Price Dependent Demand Rate
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