An EPQ model for a deteriorating item with inflation reduced selling price and demand with immediate part payment

Year 2014, Volume: 43 Issue: 4, 641 - 659, 01.08.2014

Pinki Majumder , U.k. Bera M. Maiti

Abstract

This paper presents a continuous EPQ model of deteriorating items
with shortages. Also in this paper, an inventory policy for an item
is presented with inflation and selling price dependent demand under
deterministic and random planning horizons allowing shortages with
an immediate part payment to the wholesaler. In this study inventory models under the finite and random planning horizons have been
formulated with respect to the retailer’s point of view for maximum
profit. The GRG method is used to find the optimal solutions and the
corresponding maximum profits for the different sets of given numerical
data. 

Keywords

EPQ model , delay in payment , inflation , immediate part payment , variable demand , random planning horizon

References

• . . .