This paper expands an inventory model for deteriorating items with stock-dependent demand. This model provides time varying backlogging rate as well as time varying deterioration rate. The aim of this model is to determine the optimal cycle length of each product such that the expected total cost (holding, shortage, ordering, deterioration and opportunity cost) is minimized. Further, the necessary and sufficient conditions are provided to show the existence and uniqueness of the optimal solution. Lastly, some numerical examples, sensitivity analysis along with graphical representations are shown to illustrate the practical application of the proposed model.
Bibliographical noteFunding Information:
The authors would like to acknowledge the Editor-In-Chief of the Journal and referees for their encouragement and constructive comments in revising the paper. The authors are grateful to the University Grants Commission (Minor Research Project, File no. 41-1433/2012(SR) ), India, for their financial assistance and Vidyasagar University, India, for the infrastructural assistance to carry out the research. The 1st author wants to express his heartfelt gratitude to his parents, wife and son. This research comes into reality with their inspirations. The 2nd author would like to express his heartiest gratitude to his parents and his Ph.D. guide Dr. Biswajit Sarkar.
All Science Journal Classification (ASJC) codes
- Economics and Econometrics