tailieunhanh - Optimal replenishment policy for items with three-parameter weibull deterioration, stock-level dependent demand and partial backlogging

The inventory-level demand reflects a real market demand for product whose sales is enhanced by stock on display. We study a case base examples to gain some quantitative insight into the proposed model and we perform sensitivity analysis to draw some managerial implications. | Yugoslav Journal of Operations Research 28 (2012), Number 1, 107–121 DOI: OPTIMAL REPLENISHMENT POLICY FOR ITEMS WITH THREE-PARAMETER WEIBULL DETERIORATION, STOCK-LEVEL DEPENDENT DEMAND AND PARTIAL BACKLOGGING Smaila S. SANNI Department of Statistics, Faculty of Physical Sciences, University of Nigeria, Nsukka,Nigeria Polycarp E. CHIGBU Department of Statistics, Faculty of Physical Sciences, University of Nigeria, Nsukka,Nigeria Received: November 2015 / Accepted: October 2016 Abstract: Our focus in this paper is on determining an optimal replenishment policy for items with three-parameter Weibull distribution deterioration and inventory-level dependent demand. We developed and analyzed the model under the assumption of partial backlogging. The three-parameter Weibull hazard rate captures the impact of already deteriorated items that are received into the inventory, as well as those items that may start deteriorating in future. The inventory-level demand reflects a real market demand for product whose sales is enhanced by stock on display. We study a case base examples to gain some quantitative insight into the proposed model and we perform sensitivity analysis to draw some managerial implications. Keywords: Inventory Model, Stock-Dependent Demand, Differential Equation, Optimal Policy, Hazard function. MSC: 90B05, 34K06, 91B74. 1. INTRODUCTION We consider the problem of finding a replenishment policy for inventory system of deteriorating items with stock dependent demand. The main target 108 . Sanni, . Chigbu / Order Size Policy will be to determine how much quantity of an item should be stocked and when so that customers’ orders can be reasonably and promptly met from stock until next replenishment. These decisions are largely influenced by the fact that the on-hand inventory depletes due to the combined effects of deterioration and demand. Most practical inventory items .

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