Optimal Ordering Policy for Stock-Dependent Demand Inventory Model with Non-Instantaneous Deteriorating Items
Kumar Karan Gupta1, Aditya Sharma2, Parth Raj Singh3, A K Malik4
1Kumar Karan Gupta, B.Tech (ECE) Student, B.K. Birla Institute of Engineering & Technology, Pilani, Rajasthan, India.
2Aditya Sharma, B.Tech (ECE) Student, B.K. Birla Institute of Engineering & Technology, Pilani, Rajasthan, India.
3Parth Raj Singh, Department of ECE, B.K. Birla Institute of Engineering & Technology, Pilani, Rajasthan, India.
4Parth Raj Singh, Department of ECE, B.K. Birla Institute of Engineering & Technology, Pilani, Rajasthan, India.
Manuscript received on February 04, 2013. | Revised Manuscript received on February 26, 2013. | Manuscript published on March 05, 2013. | PP: 279-281 | Volume-3 Issue-1, March 2013. | Retrieval Number: A1373033113/2013©BEIESP
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© The Authors. Published By: Blue Eyes Intelligence Engineering and Sciences Publication (BEIESP). This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)
Abstract: In this paper we have discussed optimal ordering policy for inventory model with non-instantaneous deteriorating items and stock-dependent demand. Here shortage is not allowed. The necessary and sufficient conditions of the existence and uniqueness of the optimal solution have been shown. Sensitivity analysis of the optimal solution with respect to major parameters is carried out. A numerical example is presented to demonstrate the developed model and the solution procedure.
Keywords: Non-instantaneous deterioration, Inventory, purchasing cost, Sales revenue cost, Stock-dependent demand.