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Research Paper | Mathematics | Ireland | Volume 8 Issue 4, April 2019 | Rating: 6.9 / 10
Variable Holding Cost & Time Dependent Quadratic Demand Model Optimization by Preservation Technology Investment
Bani Mukherjee, Rohit Munda, Ajaypal Singh Attal
Abstract: The purpose of this paper is to develop time dependent quadratic demand and variable holding cost Inventory system, for instantaneous deteriorating items using the preservation technology (PT). A solution procedure is presented to find the optimal solution of cost function. Shortage are not allowed. Results have been validated with relevant examples. Sensitivity analysis is performed to show the effect of changes in the parameters on the optimum solution with and without using the preservation technology. The analysis of the model shows that the solution of the model is quite stable and can be applied for optimizing the total inventory cost of deteriorating items for the business enterprises.
Keywords: Inventory, Cost Optimization, Preservation Technology, Time dependent demand
Edition: Volume 8 Issue 4, April 2019,
Pages: 754 - 759