Analytical Study of Deterministic Inventory Model with Consideration of Biquadratic Demand Rate and Weibull Distribution as Deterioration Rate

Analytical Study of Deterministic Inventory Model with Consideration of Biquadratic Demand Rate and Weibull Distribution as Deterioration Rate
Author(s):
SUMAN, VinodKumar
Keywords:
Deterioration, Biquadratic demand, Shortages, Total inventory cost, Weibull distribution.
Abstract
This work investigates an inventory model for decomposing items or products with a biquadratic demand over time and uses Weibull distribution as deterioration rate. Shortages are permissible in the model. It also demonstrates that the biquadratic demand function is convex and provides the best solution. The convexity of this model is demonstrated via a three-dimensional graphical representation. To double-check the model, an illustration is made. The ideal solution has been subjected to a sensitivity analysis concerning main parameters, and the results have been presented.
Article Details
Unique Paper ID: 156693 Publication Volume & Issue: Volume 9, Issue 4 Page(s): 642 - 651
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