AN INVENTORY MODEL TO MINIMIZING THE TOTAL COST WITH TIME–DEPENDENT DEMANDS AND TIME–VARYING HOLDING COST UNDER PARTIAL BACKLOGGING

Abstract

A deterministic inventory model with time – dependent demand and time – varying holding cost where deteriorating is time proportional. The model is solved analytically by minimizing the total inventory cost. In contrast to deteriorating, amelioration refers to a situation where stocked items incur increased value, quantity, or utility while in stock. It is generally seen in poultry, piggeries, wine industries etc. When these items are kept in the farm or the sales counter, they usually incur increase in quantity and value. In this research paper, we study an inventory model that outlines the optimal replenishment decision for ameliorating items with a partially backlogged time- varying demand rate to raise productivity and understand opportunity cost focused essentially on deteriorating inventory, giving little or no attention to its ameliorative nature. The proposed model based on the global market strategies as for how the demand varies of the new seasonal products when they entered in the markets. The model has developed for the seasonal products or new consumer goods. The demand rate has considered Ramp- type based on the seasonal products having a time – dependent deteriorating rate.

Key words: Inventory Model; Deterministic; Shortages; Fractional Polynomial; Component; Deteriorating items; shortage; time varying holding cost; Ameliorating inventory; Replenishment decision; partial backlogging; lost sales.