Logforum. 2017. 13(3), article 9, 353-365; DOI: https://doi.org/10.17270/J.LOG.2017.3.9
REPLENISHMENT POLICY FOR ENTROPIC ORDER QUANTITY (ENOQ) MODEL WITH TWO COMPONENT DEMAND AND PARTIAL BACK-LOGGING UNDER INFLATION
Bhanupriya Dash, Monalisha Pattnaik, Hadibandhu Pattnaik
Sambalpur University, Burla, India
Background: Replenishment policy for entropic order quantity model with two component demand and partial backlogging under inflation is an important subject in the stock management.
Methods: In this paper an inventory model for non-instantaneous deteriorating items with stock dependant consumption rate and partial back logged in addition the effect of inflection and time value of money on replacement policy with zero lead time consider was developed. Profit maximization model is formulated by considering the effects of partial backlogging under inflation with cash discounts. Further numerical example presented to evaluate the relative performance between the entropic order quantity and EOQ models separately. Numerical example is present to demonstrate the developed model and to illustrate the procedure. Lingo 13.0 version software used to derive optimal order quantity and total cost of inventory. Finally sensitivity analysis of the optimal solution with respect to different parameters of the system carried out.
Results and conclusions: The obtained inventory model is very useful in retail business. This model can extend to total backorder.
Keywords: Entropic Order Quantity (EnOQ), two component demand, partial back-logging, inflation.
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| MLA | Dash, Bhanupriya, et al. "Replenishment policy for Entropic Order Quantity (EnOQ) model with two component demand and partial back-logging under inflation." Logforum 13.3 (2017): 9. DOI: https://doi.org/10.17270/J.LOG.2017.3.9 |
| APA | Bhanupriya Dash, Monalisha Pattnaik, Hadibandhu Pattnaik (2017). Replenishment policy for Entropic Order Quantity (EnOQ) model with two component demand and partial back-logging under inflation. Logforum 13 (3), 9. DOI: https://doi.org/10.17270/J.LOG.2017.3.9 |
| ISO 690 | DASH, Bhanupriya, PATTNAIK, Monalisha, PATTNAIK, Hadibandhu. Replenishment policy for Entropic Order Quantity (EnOQ) model with two component demand and partial back-logging under inflation. Logforum, 2017, 13.3: 9. DOI: https://doi.org/10.17270/J.LOG.2017.3.9 |