2017•IOP Conference Series Materials Science and EngineeringOpen access

An optimal EOQ inventory model for non-instantaneous deteriorating items with various time dependent demand rates and time dependent holding cost

K. Rangarajan, K. Karthikeyan

Abstract

An economic order quantity inventory model for non-instantaneous deteriorating items has been developed with cubic demand rate, cubic deterioration rate and time dependent holding cost. Shortages in inventory are allowed in this model. In shortage period, partial and complete backlogging cases are considered. The main objective of this model is to develop an optimal policy that minimizes the total average inventory cost and optimal order quantity. Numerical examples are used to illustrate the developed model

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Key concepts: Economic order quantity, Economic shortage, Holding cost, Inventory cost, Order (exchange), Economics, Total cost, Econometrics