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Research Paper | Mathematics | India | Volume 12 Issue 8, August 2023
Dynamics of Inventory Management with Time-Varying Demand and Deterioration: A Comprehensive Cost and Profit Analysis
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
Edition: Volume 12 Issue 8, August 2023,
Pages: 2465 - 2468