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

Abstract

. 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.

Impacts of green and preservation technology investments on a sustainable EPQ model during COVID-19 pandemic

“…Freshness and price dependent demand have been studied in their investigation. Sivashankari and Ramachandran [47] studied an inventory model for deteriorating products with time-dependent demand. A stock-dependent demand has been considered in the model demonstrated by Pervin et al [39].…”