Economic Lot Size Model With Weibull Deterioration And On-Hand Inventory Demand Under Allowable Delay In Payments

Abstract

Consider the order quantity level inventory model that is being built in this study to deteriorate items with instant replenishment, Weibull deterioration rate and on-hand inventory demand without shortages within the allowable delay in payments. The exact formulae are obtained for the optimum average cost and the optimum quantity, without any uncertainty about the rate of deterioration. Use numerical examples to explain various decision-making scenarios. Modelout of sensitivity analysis was also taken up to get the best solution for changes in the parameter values. Finally, the graphical representation is also presented between the parameters and optimal values.