An inventory model for Gompertz deteriorating items with time-varying holding cost and price dependent demand

Nurul Azeez Khan; V.S.Verma; Vijay Kumar

doi:https://doi.org/10.14445/22315373/IJMTT-V49P526

International Journal of Mathematics Trends and Technology

Research Article | Open Access | Download PDF

Volume 49 | Number 3 | Year 2017 | Article Id. IJMTT-V49P526 | DOI : https://doi.org/10.14445/22315373/IJMTT-V49P526

An inventory model for Gompertz deteriorating items with time-varying holding cost and price dependent demand

Nurul Azeez Khan, V.S.Verma, Vijay Kumar

Citation :

Nurul Azeez Khan, V.S.Verma, Vijay Kumar, "An inventory model for Gompertz deteriorating items with time-varying holding cost and price dependent demand," International Journal of Mathematics Trends and Technology (IJMTT), vol. 49, no. 3, pp. 183-187, 2017. Crossref, https://doi.org/10.14445/22315373/IJMTT-V49P526

Abstract

The present paper deals with a deterministic inventory model which follows the Gompertz distribution deterioration rate of items. Commodities such as fruits, vegetables and foodstuffs sufer from depletion by direct spoilage while kept in store. Holding cost is time dependent and demand rate is assumed as price dependent in linear form. Shortages are allowed and completely backlogged. Replenishment is instantaneous and lead time is zero. The model is solved analytically by maximizing the total profit. The results are illustrated with the numerical example and also shown by graphically. The sensitivity of the solution with the changes of the values of the parameters associated with the model is discussed.

Keywords

Deteriorating items, Price dependent demand, shortage, Time varying holding cost.

References

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