TITLE:
A Note on a One-Parameter Weibull Distributed Deteriorating Item EOQ Inventory Model with Varying Quadratic Demand and Delay in Payments
AUTHORS:
Trailokyanath Singh, Itishree Rout, Ameeya Kumar Nayak
KEYWORDS:
Economic Order Quantity (EOQ), One-Parameter Weibull Distribution Deterioration, Permissible Delay in Payments, Time-Dependent Quadratic Demand
JOURNAL NAME:
American Journal of Operations Research,
Vol.14 No.5,
September
30,
2024
ABSTRACT: In this paper, an EOQ inventory model is developed for deteriorating items with variable rates of deterioration and conditions of grace periods when demand is a quadratic function of time. The deterioration rate considered here is a special type of Weibull distribution deterioration rate, i.e., a one-parameter Weibull distribution deterioration rate and it increases with respect to time. The quadratic demand precisely depicts of the demand of seasonal items, fashion apparels, cosmetics, and newly launched essential commodities like android mobiles, laptops, automobiles etc., coming to the market. The model is divided into three policies according to the occurrence of the grace periods. Shortages, backlogging and complete backlogging cases are not allowed to occur in the model. The proposed model is well-explained with the help of a simple solution procedure. The three numerical examples are taken to illustrate the effectiveness of the EOQ inventory model along with sensitivity analysis.