An EOQ model for a deteriorating item with time dependent quadratic demand and variable deterioration under permissible delay in payment

Trailokyanath Singh · Hadibandhu Pattnayak

27 citations0/0 files storedApplied Mathematical Sciences

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Supply Chain and Inventory Management Sustainable Supply Chain Management Working Capital and Financial Performance

Abstract

In a recent paper, Khanra, Ghosh and Chaudhuri’s (2011) presented an EOQ model for a deteriorating item with time dependent quadratic demand under permissible delay in payment. Deterioration considered in most of the EOQ models is constant, while in most of the practical cases the deterioration rate increases with time. This work is motivated by Khanra, Ghosh and Chaudhuri’s (2011) paper extending their model to allow for a variable rate of deterioration when delay in payment is permissible. The time varying demand rate is taken to be a quadratic function of time. For settling the account, the model is developed under two circumstances: case-1: The credit period is less than or equal to the cycle time and case-2: the credit period is greater than the cycle time. A numerical example is provided to illustrate the model. Sensitivity analysis has also been conducted to study the effect of the parameters.

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References

2004Dynamic Version of the Economic Lot Size Model 1995Ordering Policies of Deteriorating Items under Permissible Delay in Payments 1977Inventory Replenishment Policy for a Linear Trend in Demand—An Analytical Solution 1981(T, Si) Policy Inventory Model for Deteriorating Items with Time Proportional Demand 1998Economic order quantity of deteriorating items under permissible delay in payments 2007A deterministic EOQ model with delays in payments and price-discount offers 2003Lot-sizing decisions under trade credit depending on the ordering quantity 1991An EOQ Model for Deteriorating Items with Shortages and a Linear Trend in Demand

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2019Optimization of generalized order-level inventory system under fully permissible delay in payment 2018An Inventory Model for Deteriorating Items with Generalised Exponential Decreasing Demand, Constant Holding Cost and Time-Varying Deterioration Rate

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