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Retailer's profit maximization Model for Weibull deteriorating items with Permissible Delay on Payments and Shortages

Author Affiliations

  • 1Department of Mathematic, Government Engineering College Bharatpur, Rajasthan, INDIA
  • 2Department of Mathematic Banasthali Vidyapith Rajasthan INDIA

Res. J. Mathematical & Statistical Sci., Volume 1, Issue (3), Pages 16-20, April,12 (2013)

Abstract

In this paper, we have formulated an Inventory model for deteriorating items with Weibull distribution deterioration rate with two parameters. We have considered the demand of the item as time dependent and linear. Shortages are not considered. A certain fixed period is provided to retailer by the supplier for resolving the account and that condition is defined as permissible delay in payment. There are two cases are viewed first is permissible credit period is less than to Inventory cycle length or second is permissible credit period is greater than and equal to Inventory cycle length. The designed model optimizes retailer�s order quantity by maximizing his total profits. The retailer can gain interest on the revenue created during this period. The numerical solution of the model is obtained to verify the optimal solution. The model is solved analytically by maximizing the total profit.

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