Effect of Inflation and Variable Holding Cost on Life Time Inventory Model with Multi Variable Demand and Lost Sales
S. R. Singh1, Karuna Rana2
1S. R. Singh, Department of Mathematics C.C.S. University Meerut, India.
2Karuna Rana, Department of Mathematics C.C.S. University Meerut, India.
Manuscript received on January 02, 2020. | Revised Manuscript received on January 15, 2020. | Manuscript published on January 30, 2020. | PP: 5513-5519 | Volume-8 Issue-5, January 2020. | Retrieval Number: E6249018520/2020©BEIESP | DOI: 10.35940/ijrte.E6249.018520
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© The Authors. Blue Eyes Intelligence Engineering and Sciences Publication (BEIESP). This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)
Abstract: This paper analyses an inventory model for life time declining item with variable carrying rate and multi variable demand rate. In this model, the consumption rate depending on selling price as well as displayed stock and when the shortage occurs only on selling price of the manufactured article. Moreover, in this model the deterioration is taken time dependent, which is non-instantaneous in nature. In this study we also consider a very realistic concept of variable carrying rate in which the carrying rate per unit per period to be a function of the time used up in storage. This model is firm for minimizing the average total rate per unit period under the effect of inflation and time value of money. Numerical examples are used to illustrate the wished-for model and a sensitivity analysis is passed out to study the effect of different constraints.
Keywords: Variable holding cost, Inflation, Partially backlogging, Multi variable demand, Life time.
Scope of the Article: Applied Mathematics and Mechanics