An inventory model for linearly time-dependent deteriorating rate and time -varying demand with shortages partially backlogged

Article type: Research Article

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

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

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

Abstract:  In this paper, a deterministic inventory model for deteriorating items with linear deterioration rate is proposed. Demand follows a power pattern. Shortages are permitted and partially backlogged. An optimal solution is derived to minimizes the total average cost. Numerical examples are given, and sensitivity analysis carried out to show how the optimal decisions are affected by changes in different parameters in the model. Graphical representation of the convexity of the total cost against the decision variables shows the efficiency and reliability of the model.

Keywords: Inventory, power demand pattern, deterioration, linearly, shortages

DOI: 10.3233/JIFS-191323

Journal: Journal of Intelligent & Fuzzy Systems, vol. 38, no. 4, pp. 4545-4557, 2020