A Note on EOQ Model for Items with Mixtures of Exponential Distribution Deterioration, Shortages and Time-varying Demand

A Note on EOQ Model for Items with Mixtures of Exponential Distribution Deterioration, Shortages... An inventory model is considered in which inventory is depleted not only by demand, but also by deterioration. In this paper, we derive the EOQ model for inventory of items that deteriorates at a mixtures of exponential distributed rate, assuming the demand rate with a continuous function of time. Moreover, the proposed model cannot be solved directly in a closed form, thus we used the computer software IMSL MATH/LIBRARY (1989) to find the optimal reorder time Further, we also find that the optimal procedure is independent of the form of the demand rate. Finally, we also assume that the holding cost is a continuous, nonnegative and non-decreasing function of time in order to generalize EOQ model. Moreover, four numerical examples and sensitivity analyses are provided to assess the solution procedure. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Quality & Quantity Springer Journals

A Note on EOQ Model for Items with Mixtures of Exponential Distribution Deterioration, Shortages and Time-varying Demand

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Publisher
Springer Journals
Copyright
Copyright © 2004 by Kluwer Academic Publishers
Subject
Social Sciences; Methodology of the Social Sciences; Social Sciences, general
ISSN
0033-5177
eISSN
1573-7845
D.O.I.
10.1023/B:QUQU.0000043119.42088.a1
Publisher site
See Article on Publisher Site

Abstract

An inventory model is considered in which inventory is depleted not only by demand, but also by deterioration. In this paper, we derive the EOQ model for inventory of items that deteriorates at a mixtures of exponential distributed rate, assuming the demand rate with a continuous function of time. Moreover, the proposed model cannot be solved directly in a closed form, thus we used the computer software IMSL MATH/LIBRARY (1989) to find the optimal reorder time Further, we also find that the optimal procedure is independent of the form of the demand rate. Finally, we also assume that the holding cost is a continuous, nonnegative and non-decreasing function of time in order to generalize EOQ model. Moreover, four numerical examples and sensitivity analyses are provided to assess the solution procedure.

Journal

Quality & QuantitySpringer Journals

Published: Nov 4, 2004

References

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