Research Article
An EPQ model for a deteriorating item with inflation reduced selling price and demand with immediate part payment
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.
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
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Details
| Primary Language | English |
|---|---|
| Journal Section | Statistics |
| Authors | |
| Publication Date | August 1, 2014 |
| Published in Issue | Year 2014 Volume: 43 Issue: 4 |