An optimal policy for deteriorating items with time-proportional deterioration rate and constant and time-dependent linear demand rate

Subject Areas : Mathematical Optimization

Trailokyanath Singh ¹ , Pandit Jagatananda Mishra ² , Hadibandhu Pattanayak ³

1 - Department of Mathematics, C. V. Raman College of Engineering, Bhubaneswar, Odisha, 752054, India
2 - Department of Mathematics, Ravenshaw University, Cuttack, Odisha, 753003, India
3 - Department of Mathematics, Ravenshaw University, Cuttack, Odisha, 753003, India

Received: 2020-10-05 Accepted : 2020-10-05 Published : 2017-12-01

Keywords: Constant and time, dependent linear demand rate . Deteriorating items . EOQ . Time, proportional deterioration rate,

Abstract :

In this paper, an economic order quantity (EOQ) inventory model for a deteriorating item is developed with the following characteristics: (i) The demand rate is deterministic and two-staged, i.e., it is constant in first part of the cycle and linear function of time in the second part. (ii) Deterioration rate is time-proportional. (iii) Shortages are not allowed to occur. The optimal cycle time and the optimal order quantity have been derived by minimizing the total average cost. A simple solution procedure is provided to illustrate the proposed model. The article concludes with a numerical example and sensitivity analysis of various parameters as illustrations of the theoretical results.