×

An EOQ model with time-dependent demand, inflation and money value for a ware-house enterpriser. (English) Zbl 1136.90377

Summary: A mathematical model for perishable items that follows Weibull distribution is developed, considering time dependent demand rate, inflation and money value. The concerned problem is solved analytically with the help of Simpson’s 1/3rd formula and Newton-Raphson method. An optimal production policy is derived with maximization of profit as the criterion of optimality. The result is illustrated with a numerical example. Sensitivity of the optimal solution to changes in the values of some key parameters is also studied.

MSC:

90B50 Management decision making, including multiple objectives
90B05 Inventory, storage, reservoirs
PDFBibTeX XMLCite
Full Text: Link