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
Article Preview & Download
Share This Article
Conference Alert
NCSST-2021
AICTE Sponsored National Conference on Smart Systems and Technologies
Last Date: 25th November 2021
SWEC- Management
LATEST INNOVATION’S AND FUTURE TRENDS IN MANAGEMENT