Abstract
Although numerous researchers have developed different inventory models for deteriorating items, very few of them have taken the maximum lifetime of a deteriorating item into consideration. This paper illustrates a mathematical model to obtain an optimal replenishment policy for deteriorating items with maximum lifetime, ramp-type demand, and shortages. Both holding cost and deterioration function are linear functions of time, which are treated as constants in most of the deteriorating inventory models. A simple solution procedure is provided to obtain the optimal solutions. Numerical examples along with graphical representations are provided to illustrate the model. Sensitivity analysis of the optimal solution with respect to key parameters of the model has been carried out and the implications are discussed.
| Original language | English |
|---|---|
| Pages (from-to) | 2318-2329 |
| Number of pages | 12 |
| Journal | Scientia Iranica |
| Volume | 23 |
| Issue number | 5 |
| Publication status | Published - 2016 Jan 1 |
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All Science Journal Classification (ASJC) codes
- Engineering(all)
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Optimal replenishment policy with variable deterioration for fixed-lifetime products. / Kumar Sett, B.; Sarkar, S.; Sarkar, B.; Young Yun, W.
In: Scientia Iranica, Vol. 23, No. 5, 01.01.2016, p. 2318-2329.Research output: Contribution to journal › Article
TY - JOUR
T1 - Optimal replenishment policy with variable deterioration for fixed-lifetime products
AU - Kumar Sett, B.
AU - Sarkar, S.
AU - Sarkar, B.
AU - Young Yun, W.
PY - 2016/1/1
Y1 - 2016/1/1
N2 - Although numerous researchers have developed different inventory models for deteriorating items, very few of them have taken the maximum lifetime of a deteriorating item into consideration. This paper illustrates a mathematical model to obtain an optimal replenishment policy for deteriorating items with maximum lifetime, ramp-type demand, and shortages. Both holding cost and deterioration function are linear functions of time, which are treated as constants in most of the deteriorating inventory models. A simple solution procedure is provided to obtain the optimal solutions. Numerical examples along with graphical representations are provided to illustrate the model. Sensitivity analysis of the optimal solution with respect to key parameters of the model has been carried out and the implications are discussed.
AB - Although numerous researchers have developed different inventory models for deteriorating items, very few of them have taken the maximum lifetime of a deteriorating item into consideration. This paper illustrates a mathematical model to obtain an optimal replenishment policy for deteriorating items with maximum lifetime, ramp-type demand, and shortages. Both holding cost and deterioration function are linear functions of time, which are treated as constants in most of the deteriorating inventory models. A simple solution procedure is provided to obtain the optimal solutions. Numerical examples along with graphical representations are provided to illustrate the model. Sensitivity analysis of the optimal solution with respect to key parameters of the model has been carried out and the implications are discussed.
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UR - http://www.scopus.com/inward/citedby.url?scp=85013832406&partnerID=8YFLogxK
M3 - Article
AN - SCOPUS:85013832406
VL - 23
SP - 2318
EP - 2329
JO - Scientia Iranica
JF - Scientia Iranica
SN - 1026-3098
IS - 5
ER -