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ISSN 1895-2038, e-ISSN:1734-459X

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Creative Commons licence CC BY-NC (Attribution-NonCommercial)Logforum. 2014. 10(1), article 7, 61-72;

AN EOQ MODEL FOR WEIBULL DETERIORATING ITEM WITH RAMP TYPE DEMAND AND SALVAGE VALUE UNDER TRADE CREDIT SYSTEM

Lalit Mohan Pradhan1, Chaitanya Kumar Tripathy2

1Silicon Institute of Technology, Sambalpur, India
2
Sambalpur University, Sambalpur, India

Abstract:

Background: In the present competitive business scenario researchers have developed various inventory models for deteriorating items considering various practical situations for better inventory control. Permissible delay in payments with various demands and deteriorations is considerably a new concept introduced in developing various inventory models. These models are very useful for both the consumers and the manufacturer.

Methods: In the present work an inventory model has been developed for a three parameter Weibull deteriorating item with ramp type demand and salvage value under trade credit system. Here we have considered a single item for developing the model.

Results and conclusion: Optimal order quantity, optimal cycle time and total variable cost during a cycle have been derived for the proposed inventory model. The results obtained in this paper have been illustrated with the help of numerical examples and sensitivity analysis. 

 

Keywords: EOQ, Weibull deterioration, ramp type demand, salvage value, trade credit
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For citation:

MLA Pradhan, Lalit Mohan, and Chaitanya Kumar Tripathy. "An eoq model for weibull deteriorating item with ramp type demand and salvage value under trade credit system." Logforum 10.1 (2014): 7.
APA Lalit Mohan Pradhan, Chaitanya Kumar Tripathy (2014). An eoq model for weibull deteriorating item with ramp type demand and salvage value under trade credit system. Logforum 10 (1), 7.
ISO 690 PRADHAN, Lalit Mohan, TRIPATHY, Chaitanya Kumar. An eoq model for weibull deteriorating item with ramp type demand and salvage value under trade credit system. Logforum, 2014, 10.1: 7.