A Deterministic Inventory Model with Weibull Deterioration and Quadratic Demand Rate under Trade Credit

S. D. Rohida¹ , U. B. Gothi²

Section:Research Paper, Product Type: Isroset-Journal
Vol.6 , Issue.2 , pp.383-393, Apr-2019

CrossRef-DOI:   https://doi.org/10.26438/ijsrmss/v6i2.383393

Online published on Apr 30, 2019

Copyright © S. D. Rohida, U. B. Gothi . This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
 

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Abstract :
In this research paper, we have analysed a deterministic inventory model follows two parameter Weibull distribution for deteriorating items with Quadratic demand rate under trade credit. The study has two main purposes: firstly, to establish the mathematical model of an inventory system under the given condition, and secondly to demonstrate that the optimal solution not only exists but is also feasible. The derived model is then illustrated by a numerical example and its sensitivity analysis is carried out. A supplier offers a credit limit to the customers during which there is no interest charged but after the expiry of a prescribed time limit, the supplier will charge some interest. However, the customer usually has the reserve capital to make the payment at the beginning but decides to take the benefit of the credit limit.

Key-Words / Index Term :
Deterioration, Quadratic Demand, Two Parameter Weibull Distribution, Trade Credit

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