6th International Young Scientist Congress (IYSC-2020) will be Postponed to 8th and 9th May 2021 Due to COVID-19. 10th International Science Congress (ISC-2020).  International E-publication: Publish Projects, Dissertation, Theses, Books, Souvenir, Conference Proceeding with ISBN.  International E-Bulletin: Information/News regarding: Academics and Research

E.P.Q Model for Deteriorating Items with Generalizes Pareto Decay Having Selling Price and Time Dependent Demand

Author Affiliations

  • 1Department of Statistics, P.V.K.N Govt. College, Chittoor 517002, AP, INDIA
  • 2Vijayam Degree College Chittoor 517001, AP, INDIA

Res. J. Mathematical & Statistical Sci., Volume 4, Issue (1), Pages 1-11, February,12 (2016)

Abstract

In this paper we develop, analyze an E.P.Q model with the assumptions that the life time of commodity is random and follow a Generalized Pareto Distribution. It is assumed that demand is a function of both the time and selling price. Using the differential equations the instantaneous state of inventory is derived .With suitable cost consideration the total cost per unit and profit rate function are obtained. By maximizing the profit rate function, the optimal production quantity and optimal selling price are derived. The sensitivity of model with respect to the parameters and costs is done. This model is much useful for analyzing the situations arising at production processes dealing with perishable commodities.

References

  1. Aggarwal S.P. (1978), A note of an order level inventory model for a system with constant rate of deterioration, Opsearch, 15(4), 184-187.
  2. Aggarwal S.P. (1979), A note on an order level lot size inventory model for deteriorating items. AIIE Transaction, 11, 344-346.
  3. Aggarwal S.P. and Goel V.P. (1980), Pricing and ordering policy with general weibull rate of deteriorating inventory, Indian Journal of Pure Applied Mathematics, 11, 5, 618-627.
  4. Aggrawal S.P. and Goel V.P. (1982), Order level inventory system with demand pattern for deteriorating items, Econ. Comp. Econ. Cybernet, Stud. Res., 3, 57-69.
  5. Aggrawal S.P. and Goel V.P. (1984), Order level inventory system with demand pattern for deteriorating items, Operation Research in Managerial Systems, 176-187.
  6. Chowdhury M.R. and Chaudhury K.S. (1983), An order level inventory model for deteriorating items with finite rate of replenishment, Opsearch, 20, 99-106.
  7. Cohen M.A. (1976), Analysis of single critical number ordering policies for perishable inventories, Operat. Res., 24, 726-741.
  8. Covert R.P. and Philip G.C. (1973), A EOQ model for items with Weibull distribution, AIIE TRAN, 323-326.
  9. Dave U. and Shah Y.K. (1982), A probabilistic inventory modal for deteriorating items with leadtime equal to one scheduling period, EJOR, 9, 281-282.
  10. Ghare P.M. and Scharader G.F (1963), A model for exponentially decaying inventories, J. Indust. Engr., 14,238-243.
  11. Girl B.C. and Chaudhuri K.S. (1998), Deterministic models of perishable inventory with stock dependent rate and nonlinear holding cost, EJOR., 105,467-474.
  12. Goel Vijaya P. (1980), Inventory model with a variable rate of deterioration. Journal of Mathematical Sciences, 14, 5-11.
  13. Goyal S.K. and Giri B.C. (2001), Invited review of recent trends in modeling of deteriorating inventory, EJOR., 134,1-16.
  14. Hang and Hang (1982), An EPQ model for deteriorating items under LIFO Policy, J. Operat. Res. Soc., 25,48-57.
  15. Mathew J (2002), Some perishable Inventory models with constant rate of replenishment, Ph. D Thesis, Andhra University, Visakhapatnam.
  16. Kalpakam S and Sapna KP. (1996), A lost sales (S-I, S) perishable inventory system ith renewal demand, Naval. Res. Logistics, 43, 129-142.
  17. Kalpakam S. and Sapana K.P. (1996a), An (s,S) Perishable system with arbitrary distributed lead times, Opsearch, Vol. 33-1-19.
  18. Madhavi S (2002), Some Inventory models for perishable items with seconds sale, Ph.D Thesis, Andhra University, Visakhapatnam.
  19. Mathew J. (2002), Some perishable Inventory models with constant rate of replenishment, Ph.D Thesis, Andhra University, Visakhapatnam.
  20. Mishra R.B. (1975), Optimum lot size model for system with deteriorating inventory. Intternational journal of Production of Research, 13, 495-505.
  21. Naddor E. (1966), Inventory systems. John Wiley, New York.
  22. Nahmias S. (1982), Perishable inventory theory: A review, Oper. Res., 30, 4,680-708.
  23. Nirupama Devi. K. (2000), Perishable Inventory models with mixture of weibull distributions having demand has power junction of time, Ph.D Thesis, Andhra University, Visakhapatnam.
  24. Pal, M. (1990), An inventory model for deteriorating items when demand is random, Cal. Statist, Assco. Bull., 39, 201-207.
  25. Philip G.C. (1974), A generalized EOQ model for items with Weibull distribution deterioration, AIIE. Trans., 6, 159-162.
  26. Raafat F. (1991), Survey of literature on continuously deteriorating inventory models, J. Operat. Res. Soc., 42,27-37.
  27. Shah Y. and Jaiswal M.C (1977), An order level inventory model for a system with constant rate of deterioration, Opsearch, 14, 174-184.
  28. Tadikamalla P.R (1978), An EOQ inventory model for items with gamma distributed deterioration, AIlE .Trans., 10,100-103.
  29. Venkatasubaiah K. et al, Inventory model with stock dependent demand and weibu11 rate of deterioration. Proceedings of XIX Annual conference ofISPS, India(1999)