An EOQ inventory model for deteriorating items with time-dependent deterioration rate, ramp-type demand rate and shortages

Singh, Trailokyanath; Mishra, Pandit Jagatananda; Pattanayak, Hadibandhu

doi:10.1504/ijmor.2018.092103

Cited by 13 publications

(7 citation statements)

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“…Many relevant research works have been identified for multi-echelon inventory production systems of deteriorating products. A few studies have been developed to consider the deterioration effect in the EOQ inventory model such as an EOQ model with payment delays and unpredictable deteriorate rate [18], a deterministic EOQ model with payment delays and changing deterioration rate [19], an EOQ model considering production shortage under ramp type demand [20]. Later some recent works have also been explored to analyze the deteriorating products inventory with emerging techniques such as two warehouse production systems for deteriorating inventory items with fuzzy demands [21],…”

Section: Inventory Model For Deteriorating Productsmentioning

confidence: 99%

A production inventory model for the deteriorating goods under COVID-19 disruption risk

Hasan¹

2022

World J. Adv. Res. Rev.

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The rapid onset of the COVID-19 epidemic has brought the manufacturing process to a halt. The problem is especially serious for deteriorating products because demand for these items is not consistent and the product's worth has diminished with time. Many deteriorating product industries are now looking for an appropriate and effective disruption recovery plan to help them recover. However, a survey of the literature suggests that there has been little research done on developing an effective inventory production model for deteriorating products exposed to COVID-19 pandemic risks. This research intends to develop a disruption recovery model that considers demand as a time-dependent quadratic function to find out the optimum number of orders. Two different heuristic algorithms named: Genetic Algorithm (GA) and Whale Optimization Algorithm (WOA) have been employed to solve the model and it has been found that WOA performs better in terms of convergence. The numerical findings indicate that the price inclination rate for the component price and selling price played a pivotal role to maximize net profit. It is expected that by employing the proposed model of this research, the industry managers will be greatly benefitted to obtain quick recovery from the COVID-19 disruption risk for the deteriorating goods and retain financial stability.

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Section: Inventory Model For Deteriorating Productsmentioning

confidence: 99%

A production inventory model for the deteriorating goods under COVID-19 disruption risk

Hasan¹

2022

World J. Adv. Res. Rev.

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“…Otherwise, (e.g.) when the deterioration starts after a certain period, a three-parameter Weibull distribution is required: Sanni and Chukwu [19] develop a model with time-dependent quadratic demand and partial backorder; Singh et al [20] develop a model for a new seasonal product with time-dependent ramp demand, possible stock-out and full recovery. Finally, Palanivel and Uthayakumar [21] present a model where the demand is a function of price, advertising, and inflation, admitting stockouts, and partial backlogging with a rate depending on the lead time until the arrival of the next batch.…”

Section: Literature Reviewmentioning

confidence: 99%

EOQ inventory model for perishable products under uncertainty

Patriarca

Gravio

Costantino

et al. 2020

Prod. Eng. Res. Devel.

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Perishable products require accurate inventory control models as their effect on operations management can be critical. This assumption is particularly relevant in highly uncertain and dynamic markets, as for the ones generated by the pandemic era. This paper presents an inventory control model for perishable items with a demand rate variable over time, and dependent on the inventory rate. The model also considers the potential for backlogging and lost sales. Imperfect product quality is included, and deterioration is modelled as a time-dependent variable. The framework envisages the possibility to define variables affected by uncertainty in terms of probability distribution functions, which are then jointly managed via a Monte Carlo simulation. This paper is intended to provide an analytical formulation to deal with uncertainty and time-dependent inventory functions to be used for a variety of perishable products. The formulation is designed to support decision-making for the identification of the optimal order quantity. A numerical example exemplifies the outcomes of the paper and provides a cost-based sensitivity analysis to understand the role of main parameters.

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“…Presuming a uniform rate of inventory replenishment, they solved the model, allowing for no shortages and inventory shortages. Trailogyanath Singh et al [14] developed an inventory model to determine the EOQ for a deteriorating item with a linear time function for the demand rate, a time-proportional deterioration rate, and shortages not allowed. They implement the concept of integrated demands in a higher-order equation for forms of demands such as linear or quadratic continuously compounded demand.…”

Section: Introductionmentioning

confidence: 99%

Inventory models with integrated time dependent demands for deteriorating items – in third and fourth order equations

Sivashankari¹,

Ramachandran²

2021

RAIRO-Oper. Res.

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. Inventory models with integrated time-dependent demands for deteriorative items are considered in this study. The demand models found in the literature include constant, linear, quadratic, exponential, price dependent, and stock dependent among others. To wit, no study exists that uses integrated time-dependent demands. Three models are developed: The first model uses continuously compounded demands, the second model uses linear demands integrated with continuously compounded demands, and the third model uses quadratic demands integrated with continuously compounded demands. Mathematical models are delineated for each model and relevant examples are provided to elucidate the proposed procedure. The objective herein is to obtain optimum order quantities and order intervals concerning the overall cost. Sensitivity analysis is provided for each of the three models. The necessary data was generated using Visual Basic 6.0.. Inventory models with integrated time-dependent demands for deteriorative items are considered in this study. The demand models found in the literature include constant, linear, quadratic, exponential, price dependent, and stock dependent among others. To wit, no study exists that uses integrated time-dependent demands. Three models are developed: The first model uses continuously compounded demands, the second model uses linear demands integrated with continuously compounded demands, and the third model uses quadratic demands integrated with continuously compounded demands. Mathematical models are delineated for each model and relevant examples are provided to elucidate the proposed procedure. The objective herein is to obtain optimum order quantities and order intervals concerning the overall cost. Sensitivity analysis is provided for each of the three models. The necessary data was generated using Visual Basic 6.0.

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An EOQ inventory model for deteriorating items with time-dependent deterioration rate, ramp-type demand rate and shortages

Cited by 13 publications

References 0 publications

A production inventory model for the deteriorating goods under COVID-19 disruption risk

A production inventory model for the deteriorating goods under COVID-19 disruption risk

EOQ inventory model for perishable products under uncertainty

Inventory models with integrated time dependent demands for deteriorating items – in third and fourth order equations

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