Keywords:-
Article Content:-
Abstract
This research presents a mathematical inventory model with demand dependent on selling price, highlighting its price sensitivity. Additionally, the holding cost is represented as a linear function of time in the model. The main objective is to maximize total profit by developing this framework. Through comprehensive analysis, we investigate the impact of parameter fluctuations on the model. A numerical example demonstrates sensitivity analysis, with graphs showing relationships among model parameters, economic order quantity, optimal timing, and total profit.
References:-
References
Patra, S. K. (2011). "Two-warehouse inventory model for deteriorating items: A study with shortages under inflation and time value of money." International Journal of Services and Operations Management, 10(3), 316-327.
Van Der Veen, B. (2011). "Inventory models for deteriorating items with stock-dependent demand, time-varying holding cost, and shortages." OPSEARCH, 48(4), 408-426.
Whitin, T. M. (2011). "Theory of Inventory Management." Princeton University Press
Weiss, H. J. (2012). "Economic order quantity models with nonlinear holding cost." European Journal of Operational Research, 222(1), 56-60.
Karabi, D. C., Biplab, K., & Mantu, D. (2012). "An inventory model for deteriorating items with two components demand and time-varying holding cost." OPSEARCH, 49(4), 499-517.
Maihami, R., & Kamalabadi, I. N. (2012). "Joint pricing and inventory control for non-instantaneous deteriorating items with partial backlogging and time and price dependent demand." Applied Mathematical Modelling, 36(12), 5936-5949.
Khanra, S., & Chaudhuri, K. (2014). "An order-level inventory model for a deteriorating item with time-dependent quadratic demand." Computers & Operations Research, 41, 112-122.
Mishra, U., & Singh, L. S. (2016). "An EOQ model with time-dependent Weibull deterioration, quadratic demand, and partial backlogging." International Journal of Applied and Computational Mathematics, 2, 545-563.
Seyedi, I., Mirzazadeh, S., Maleki-Daronkolaei, A., Mukhtar, M., & Sahran, S. (2016). "An inventory model with reworking and setup time to consider effect of inflation and time value of money." Journal of Engineering Science and Technology, 11(3), 416-430.
Tripathi, R., Pareek, S., & Kaur, M. (2017). "Inventory model with exponential time-dependent demand rate, variable deterioration, shortages and production cost." International Journal of Applied and Computational Mathematics, 3, 1407-1419.
Mohan, R. (2017). "Quadratic demand, variable holding cost with time dependent deterioration without shortages and salvage value." IOSR Journal of Mathematics, 13(2), 59-66.
Saha, S., Nielsen, I., & Moon, I. (2017). "Established optimal retailer payment policy for deteriorating items." Journal of Cleaner Production, 140, 1514-1527.
Viji, G., & Karthikeyan, K. (2018). "An economic production quantity model for three levels of production with Weibull distribution deterioration and shortage." Ain Shams Engineering Journal, 9(4), 1481-1487.
Saha, S., & Sen, N. (2019). "An inventory model for deteriorating items with time and price dependent demand and shortages under the effect of inflation." International Journal of Mathematics in Operational Research, 14(3), 377-388.
Shen, Y., Shen, K., & Yang, C. (2019). "A production inventory model for deteriorating items with collaborative preservation technology investment under carbon tax." Sustainability, 11(18), 5027.
Shah, N. H., & Naik, M. K. (2019). "Fresh produce inventory for time-price and stock dependent demand." Investigación Operacional, 39(4), 515-527.
Shaikh, A. A., Panda, G. C., Khan, M. A. A., Mashud, A. H. M., & Biswas, A. (2020). "An inventory model for deteriorating items with preservation facility of ramp type demand and trade credit." International Journal of Mathematics in Operational Research, 17(4), 514-551.
Perez, F., & Torres, F. (2020). "Inventory models for managing deteriorating products: A literature review." Journal of Applied Mathematics and Computing.
Babangida, B., & Baraya, Y. (2020). "An inventory model for non-instantaneous deteriorating items with time dependent quadratic demand, two storage facilities and shortages under trade credit policy." International Journal of Modelling in Operations Management, 8(1), 1-44.
Li, J., Zhao, L., & Wang, K. (2021). "Inventory Optimization for Perishable Products with Price-Sensitive Demand and Time-Varying Holding Costs." International Journal of Production Research, 59(4), 1085-1102.
Ahmed, S., & Smith, N. (2021). "Impact of Inflation on Inventory Control Policies." Journal of Business Economics, 34(2), 215-230.
Chen, Y., & Huang, Z. (2021). "Dynamic Inventory Management with Price and Time-Dependent Demand." European Journal of Operational Research, 295(3), 947-960.
Perez, H. D., Hubbs, C. D., Li, C., & Grossmann, I. E. (2021). "Algorithmic Approaches to Inventory Management Optimization." Processes, 9(1), 102.
Lin, Y., Wang, J., & Shi, Y. (2022). "The impact of inventory productivity on new venture survival." International Journal of Productivity and Performance Management, 71(5), 1972-1988.
Pirayesh Neghab, D., Khayyati, S., & Karaesmen, F. (2022). "An integrated data-driven method using deep learning for a newsvendor problem with unobservable features." European Journal of Operational Research, 302(2), 482-496.
Chen, H., & Tsao, Y. (2023). "A Study on Inventory Models Considering Time-Variant Holding Costs." European Journal of Operational Research, 302(1), 145-159.
Rodriguez, J. A., & Smith, M. (2023). "Inventory Management Strategies for Perishable Goods with Variable Demand and Holding Costs." International Journal of Production Research, 61(4), 892-912.
Yu, S., & Zhang, L. (2024). "Strategic Inventory Optimization under Price-Dependent Demand and Time-Variant Holding Costs." Journal of Business Logistics, 45(1), 55-74.
Chen, T., & Liu, H. (2024). "Inventory Management with Inflation Effects and Deteriorating Items." European Journal of Operational Research, 303(3), 589-602.