An Optimal Policy for Weibull Deteriorating items with Power Demand Pattern and Permissible Delay on Payments

摘要

In this paper, we have developed an Inventory model for deteriorating items with Weibull distribution deterioration rate with two parameters. Shortages are not allowed. Supplier provides a definite fixed period to the retailer for settling the account which is define permissible delay in payment. There are two cases are considered first is permissible credit period is less than to Inventory cycle length or second is permissible credit period is greater than and equal to Inventory cycle length. The planned models optimize retailer's order quantity by minimizing his total costs. The retailer can get interest on the revenue generated during this period. The model is solved analytically. In this model items are deteriorating with Weibull distribution deterioration rate and demand is taken to be Price dependent demand. The demand rate follows power demand pattern. The numerical solution of the model is obtained to verify the optimal solution. Comprehensive sensitivity analysis has been carried out for showing the effect of variation in the parameter. The model is solved analytically by minimizing the total cost.