Indian Journal of Science and Technology
DOI: 10.17485/ijst/2016/v9i15/84213
Year: 2016, Volume: 9, Issue: 15, Pages: 1-6
Original Article
Vashisth Vikram1 , Tomar Ajay2 , Shekhar Chandra3 and A. K. Malik4
1Department of Computer Science Engineering, B. K. Birla Institute of Engineering and Technology, CEERI Road, Pilani - 333031, Rajasthan, India; [email protected] 2Department of MCA, B. K. Birla Institute of Engineering and Technology, CEERI Road, Pilani - 333031, Rajasthan, India; [email protected] 3Department of Mathematics, Birla Institute of Technology and Science, Pilani Campus, Vidya Vihar Pilani - 333031, Rajasthan, India; [email protected] 4Department of Mathematics, B. K. Birla Institute of Engineering and Technology, CEERI Road, Pilani - 333031, Rajasthan, India; [email protected]
The present study proposed a mathematical example using multivariate demand with non-instant decaying products. For any business organization, the carrying cost is an important term to find total inventory cost. Here we consider the numerical example to get the best optimum solution for understanding the behavior of inventory model. We also used sensitivity analysis to show the effect of variation in total profit per item with respect to changes in the other constraints to illustrate the model. The scenario of today’s market is to encourage the retail dealers allowing them a delay in making the payments without them incurring any interest.
Keywords: Inventory, Multivariate Demand, Non-Instantaneous Deterioration, Ordering Cost, Trade Credit
Subscribe now for latest articles and news.
