Optimal Replenishment Strategy under Combined Criteria

P.K. Tripathy¹ , Bhabani S. Mohanty²

Section:Research Paper, Product Type: Isroset-Journal
Vol.5 , Issue.4 , pp.150-162, Aug-2018

CrossRef-DOI:   https://doi.org/10.26438/ijsrmss/v5i4.150162

Online published on Aug 31, 2018

Copyright © P.K. Tripathy, Bhabani S. Mohanty . 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 :
This article focuses on determining an optimal replenishment policy for items with three-parameter Weibull distribution deterioration where it represents the time to deterioration of a product. It is also observed that the demand of a consumer product usually varies with its cost and hence, the demand rate should be taken as price dependent. Holding cost is a linear function of time. Here replenishment strategy is developed under combined criteria of demand, deterioration and holding cost. The applicability of the model lies in the management of inventories of deteriorating products and for the particular items for which demand falls due to increase of its cost. Numerical illustrations and sensitivity analysis are provided to illuminate the effect of change of model parameters.

Key-Words / Index Term :
Weibull Distribution, Time-varying Holding Cost, Price Dependent Demand, Deterioration

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