Effect of Inflation and Variable Holding Cost on Life Time Inventory Model with Multi Variable Demand and Lost Sales

Abstract

This paper analyses an inventory model for life time declining item with variable carrying rate and multi variable demand rate. In this model, the consumption rate depending on selling price as well as displayed stock and when the shortage occurs only on selling price of the manufactured article. Moreover, in this model the deterioration is taken time dependent, which is non-instantaneous in nature. In this study we also consider a very realistic concept of variable carrying rate in which the carrying rate per unit per period to be a function of the time used up in storage. This model is firm for minimizing the average total rate per unit period under the effect of inflation and time value of money. Numerical examples are used to illustrate the wished-for model and a sensitivity analysis is passed out to study the effect of different constraints

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“…The requirement for equations (1) to (15) is that ξ, η and τ are independent of u, equations ( 16), ( 17) and (18) give ξ x = τ t = η y , equations (19), (20) and (21) give ξ t /c 2 = τ x , η t /c 2 = τ y and η x = −ξ y , equations (34), (35) and (36) give φ = βu + α where α = α(x, y, t) and β = β(x, y, t) are functions. From the equation (37), (38) and (39) we get β x = 0, β y = 0 and β t = 0, from (40) we find β = Q = c 4 2 /m 2 c 2 . The most general infinitesimal symmetry of the two-dimensional KG equation in ideal fluid has coefficient function of the form ξ = c 5 y + (c 6 t + c 2 ) /c 2 , η = −c 5 x + (c 7 t + c 2 ) /c 2 , τ = c 6 x + c 7 y + c 1 c 2 and φ = c 4 2 /m 2 c 2 u + α where c 1 , .…”

“…For perishable products, [31] presented inventory model with time linked increasing demand and fixed production rate under without shortages and on the other hand, considering shortages, [11] discussed a cost minimization framework with promotional work and selling price induced demand. For non-spontaneous perishable products under inflation and shortages, [38] studied the effect of linearly time linked carrying cost on life time inventory model with price and stock sensitive Demand whereas [24] presented inventory model with price and advertisement sensitive demand under trade credit policy. Sometimes, to promote market competitiveness supplier and retailer both accept trade credit policy and provides price discount, considering these facts, for perishable products under shortages, [25] derived inventory model with stock linked demand and linearly time induced carrying cost and [27] presented two-level inventory model with price and stock sensitive demand.…”

An Eoq Model With Trade Credit Based Demand Under Inflation

“…For perishable products, [31] presented inventory model with time linked increasing demand and fixed production rate under without shortages and on the other hand, considering shortages, [11] discussed a cost minimization framework with promotional work and selling price induced demand. For non-spontaneous perishable products under inflation and shortages, [38] studied the effect of linearly time linked carrying cost on life time inventory model with price and stock sensitive Demand whereas [24] presented inventory model with price and advertisement sensitive demand under trade credit policy. Sometimes, to promote market competitiveness supplier and retailer both accept trade credit policy and provides price discount, considering these facts, for perishable products under shortages, [25] derived inventory model with stock linked demand and linearly time induced carrying cost and [27] presented two-level inventory model with price and stock sensitive demand.…”