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PERISHABLE INVENTORY MODEL HAVING WEIBULL LIFETIME AND PRICE DEPENDENT DEMAND

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Abstract:

In this paper we develop and analyse an inventory model for deteriorating items with Weibull rate of decay having finite rate of replenishment and selling price dependent demand. Using the differential equations, the instantaneous state of inventory at time ‘t’, the amount of deteriration etc. are derived. With suitable cost considerations the total cost function and profit rate function are also obtained by maximizing the profit rate function, the optimal ordering and pricing policies of the model are derived. The sensitivity of the model with respect to the parameters is discussed through numerical illustration. It is observed that the deteriorating parameters have a tremendous influence on the optimal selling price and ordering quantity. Keywords: Perishability, Instantaneous rate of deterioration, Total cost function, Profit rate function, the optimal ordering and pricing policies.

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