An inventory model for deteriorating items with time-dependent demand and time-varying holding cost under partial backlogging

Subject Areas : Mathematical Optimization

Vinod Kumar Mishra ¹ , Lal Sahab Singh ² , Rakesh Kumar ³

1 - Department of Computer Science & Engineering, B. T. Kumaon Institute of Technology, Dwarahat, Almora, Uttarakhand, 263653, India
2 - Department of Mathematics & Statistics, Dr. Ram Manohar Lohia Avadh University, Faizabad, Uttar Pradesh, 224001, India
3 - Department of Mathematics & Statistics, Dr. Ram Manohar Lohia Avadh University, Faizabad, Uttar Pradesh, 224001, India

Received: 2020-10-02 Accepted : 2020-10-02 Published : 2013-12-01

Keywords: Shortage, deteriorating items, Inventory model, Time-dependent demand, Time-varying holding cost,

Abstract :

In this paper, we considered a deterministic inventory model with time-dependent demand and time-varying holding cost where deterioration is time proportional. The model considered here allows for shortages, and the demand is partially backlogged. The model is solved analytically by minimizing the total inventory cost. The result is illustrated with numerical example for the model. The model can be applied to optimize the total inventory cost for the business enterprises where both the holding cost and deterioration rate are time dependent.