Inventory models with integrated time dependent demands for deteriorating items – in third and fourth order equations
Department of Mathematics, R.M.K. Engineering College, Kavaraipetti 601206, India
* Corresponding author: firstname.lastname@example.org
Inventory models with integrated time-dependent demands for deteriorative items are considered in this study. The demand models found in the literature include constant, linear, quadratic, exponential, price dependent, and stock dependent among others. To wit, no study exists that uses integrated time-dependent demands. Three models are developed: The first model uses continuously compounded demands, the second model uses linear demands integrated with continuously compounded demands, and the third model uses quadratic demands integrated with continuously compounded demands. Mathematical models are delineated for each model and relevant examples are provided to elucidate the proposed procedure. The objective herein is to obtain optimum order quantities and order intervals concerning the overall cost. Sensitivity analysis is provided for each of the three models. The necessary data was generated using Visual Basic 6.0.
Mathematics Subject Classification: 90B05
Key words: Integrated demands / linear with exponential / quadratic with exponential / optimality / sensitivity analysis / higher order equations
© The authors. Published by EDP Sciences, ROADEF, SMAI 2021
This is an Open Access article distributed under the terms of the Creative Commons Attribution License (https://creativecommons.org/licenses/by/4.0), which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
This is an Open Access article distributed under the terms of the Creative Commons Attribution License (https://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.