TITLE:
Analysis of an Inventory System for Items with Stochastic Demand and Time Dependent Three-Parameter Weibull Deterioration Function
AUTHORS:
Nwoba Pius Ophokenshi, Chukwu Walford Ikechukwu Emmanuel, Maliki Olaniyi Sadik
KEYWORDS:
Inventory Model, Deteriorating Items, Weibull Distribution, Stochastic Demand, MathCAD14
JOURNAL NAME:
Applied Mathematics,
Vol.10 No.9,
September
18,
2019
ABSTRACT: In recent times, mathematical models have been developed to describe various scenarios obtainable in the management of inventories. These models usually have as objective the minimizing of inventory costs. In this research work we propose a mathematical model of an inventory system with time-dependent three-parameter Weibull deterioration and a stochastic type demand in the form of a negative exponential distribution. Explicit expressions for the optimal values of the decision variables are obtained. Numerical examples are provided to illustrate the theoretical development.