A new model for deteriorating items with inflation under permissible delay in payments

A new model for deteriorating items with inflation under permissible delay in payments

Inflation is an important factor influencing traditional economic order quality models. Marketing strategy depends on inflation due to public demand and availability of the materials. This paper presents an optimal inventory policy for deteriorating items using exponential demand rate under permiss...

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Bibliographic Details
Main Authors: R.P. Tripathi, Manoj Kumar
Format: Article
Language:English
Published: Growing Science 2014-05-01
Series:International Journal of Industrial Engineering Computations
Subjects:
Inventory model
Exponential demand rate
Deterioration rate
Inflation
Online Access:http://www.growingscience.com/ijiec/Vol5/IJIEC_2014_15.pdf
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spelling doaj-9f1754c6713c4659be7c2b542f2e64e92020-11-24T23:38:12ZengGrowing ScienceInternational Journal of Industrial Engineering Computations1923-29261923-29342014-05-015336537410.5267/j.ijiec.2014.4.006A new model for deteriorating items with inflation under permissible delay in payments R.P. TripathiManoj Kumar Inflation is an important factor influencing traditional economic order quality models. Marketing strategy depends on inflation due to public demand and availability of the materials. This paper presents an optimal inventory policy for deteriorating items using exponential demand rate under permissible delay in payments. Mathematical model has been derived under two cases: case I: cycle time is greater than or equal to permissible delay period, case II: cycle time is less than permissible delay period by considering holding cost as a function of time. Numerical examples and sensitivity analysis are given to reflect the numerical results. Mathematica software is used for finding optimal solutions.http://www.growingscience.com/ijiec/Vol5/IJIEC_2014_15.pdfInventory modelExponential demand rateDeterioration rateInflation
collection DOAJ
language English
format Article
sources DOAJ
author R.P. Tripathi
Manoj Kumar
spellingShingle R.P. Tripathi
Manoj Kumar
A new model for deteriorating items with inflation under permissible delay in payments
International Journal of Industrial Engineering Computations
Inventory model
Exponential demand rate
Deterioration rate
Inflation
author_facet R.P. Tripathi
Manoj Kumar
author_sort R.P. Tripathi
title A new model for deteriorating items with inflation under permissible delay in payments
title_short A new model for deteriorating items with inflation under permissible delay in payments
title_full A new model for deteriorating items with inflation under permissible delay in payments
title_fullStr A new model for deteriorating items with inflation under permissible delay in payments
title_full_unstemmed A new model for deteriorating items with inflation under permissible delay in payments
title_sort new model for deteriorating items with inflation under permissible delay in payments
publisher Growing Science
series International Journal of Industrial Engineering Computations
issn 1923-2926
1923-2934
publishDate 2014-05-01
description Inflation is an important factor influencing traditional economic order quality models. Marketing strategy depends on inflation due to public demand and availability of the materials. This paper presents an optimal inventory policy for deteriorating items using exponential demand rate under permissible delay in payments. Mathematical model has been derived under two cases: case I: cycle time is greater than or equal to permissible delay period, case II: cycle time is less than permissible delay period by considering holding cost as a function of time. Numerical examples and sensitivity analysis are given to reflect the numerical results. Mathematica software is used for finding optimal solutions.
topic Inventory model
Exponential demand rate
Deterioration rate
Inflation
url http://www.growingscience.com/ijiec/Vol5/IJIEC_2014_15.pdf
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AT manojkumar newmodelfordeterioratingitemswithinflationunderpermissibledelayinpayments
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