An EOQ model for deteriorating items with power-form stock-dependent demand

Jinn‐Tsair Teng · Liang‐Yuh Ouyang · Mei-Chuan Cheng

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Supply Chain and Inventory Management Sustainable Supply Chain Management Optimization and Mathematical Programming

Abstract

Datta and Pal [4] established an EOQ model in which the demand rate is a power function of the on-hand inventory until down to a certain stock level, at which the demand rate becomes a constant. In this paper, we extend their EOQ model to allow for not only deteriorating items but also non-zero ending inventory. Due to the complexity of the demand function, the inventory problem here has three possible cases. We then establish the necessary and sucient conditions for each case. Moreover, we propose an algorithm to determine the optimal replenishment cycle time and ordering quantity such that the total prot per unit time is maximized. Finally, we provide some numerical examples to illustrate the proposed algorithm, and obtain the eects of the parameters on the replenishment time and ordering quantity.

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References

2001Recent trends in modeling of deteriorating inventory 1979Decision Systems for Inventory Management and Production Planning 1973An EOQ Model for Items with Weibull Distribution Deterioration 1988A Deterministic Inventory System with an Inventory-Level-Dependent Demand Rate 1989An Inventory Model for Deteriorating Items and Stock-dependent Consumption Rate 1995EOQ models for perishable items under stock dependent selling rate 2003Economic production quantity models for deteriorating items with price- and stock-dependent demand 1983Production/Operations Management: Contemporary Policy for Managing Operating Systems

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2018Profitability ratio maximization in an inventory model with stock-dependent demand rate and non-linear holding cost 2008EOQ extensions exploiting the Lambert W function 2012Optimal ordering policy for deteriorating items with power-form stock dependent demand under two-warehouse storage facility

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