Advances in Production Engineering & Management
Volume 8 | Number 3 | September 2013 | pp 185–192
http://dx.doi.org/10.14743/apem2013.3.166
Deteriorating inventory model using preservation technology with salvage value and shortages
Mishra, V.K.
ABSTRACT AND REFERENCES (PDF) |
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A B S T R A C T
In this paper, we attempt to develop an inventory model for deteriorating
items with the consideration of the fact that the use of preservation technology
(PT) can reduce the deterioration rate significantly. In this model the
shortages are allowed and salvage value is incorporated to the deteriorated
items. Demand rate is constant, deterioration rate is time dependent with
Weibull’s distribution. The model is solved analytically by minimizing the total
cost of the inventory system and the numerical and graphical analysis is provided
to illustrate the solution and application of the model. This analysis of
the model shows that the solution of the model is quite stable. The model can
be applied for optimizing the total inventory cost of deteriorating items inventory
for the business enterprises where they use the preservation technology
to reduce the deterioration rate of the inventory items.
A R T I C L E I N F O
Keywords • Inventory, Deteriorating items, Shortages, Preservation technology, Salvage value, Weibull’s distribution
Corresponding author • Mishra, V.K.
Article history • Received 1 July 2012, Revised 15 August 2013, Accepted 23 August 2013
Published on-line • 30 September 2013
E X P O R T C I T A T I O N
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