Dynamics of Inventory Management with Time-Varying Demand and Deterioration: A Comprehensive Cost and Profit Analysis

Vivek Vijay

Abstract: In this inventory model, we study the system for items with time varying demand. The demand is power pattern. The deterioration of items is proportional to time. The production rate is given by the deterioration and demand. Shortages are not allowed in this model. Holding cost, ordering cost, replenishment costs are considered in this model. Our objective in this model is to minimize the total cost and maximize the profit. For validation of the model, the numerical example is also available which show the sensitivity of the cost and profit with respect to variations in parameters.

Keywords: Inventory, deterioration, power pattern demand, holding cost

How to Cite?: Vivek Vijay, "Dynamics of Inventory Management with Time-Varying Demand and Deterioration: A Comprehensive Cost and Profit Analysis", Volume 12 Issue 8, August 2023, International Journal of Science and Research (IJSR), Pages: 2465-2468, https://www.ijsr.net/getabstract.php?paperid=SR23828113832, DOI: https://dx.doi.org/10.21275/SR23828113832