An inventory model for delayed deteriorating items with power demand considering shortages and lost sales

Article type: Research Article

Authors: Adaraniwon, Amos Olalekan^{; *} | Omar, Mohd Bin

Affiliations: Institute of Mathematical Sciences, Faculty of Science, 50603 University of Malaya, Kuala Lumpur, Malaysia

Correspondence: [*] Corresponding author. Amos Olalekan Adaraniwon, Institute of Mathematical Sciences, Faculty of Science, 50603 University of Malaya, Kuala Lumpur, Malaysia. E-mail: amosadaraniwon@siswa.um.edu.my.

Abstract: This article considers an EOQ model for a delayed deteriorating item in which the demand varies with time and follows a power pattern. Shortages are allowed with partially backlogged and lost sales. We develop a mathematical model for the problem.The proposed model aims at minimizing the total inventory cost which depends on the length of time with positive and negative inventory level. Numerical examples with the effect of various changes in some possible parameters combination of the model are given to illustrate the effectiveness of the model and to gain some managerial decision.

Keywords: Deterioration, delayed, power demand, lost sales, shortages

DOI: 10.3233/JIFS-181284

Journal: Journal of Intelligent & Fuzzy Systems, vol. 36, no. 6, pp. 5397-5408, 2019