tailieunhanh - Inventory models for stock-dependent demand and time varying holding cost under different trade credits

This paper develops an inventory model for stock-dependent demand and time varying holding cost under different trade credits, considering four different situations. The second order approximations are used for exponential terms. Optimal solutions are obtained using Mathematica software. Numerical examples and sensitivity analysis are provided to illustrate the proposed model. | Yugoslav Journal of Operations Research 28 (2018), Number 1, 139–151 DOI: INVENTORY MODELS FOR STOCK-DEPENDENT DEMAND AND TIME VARYING HOLDING COST UNDER DIFFERENT TRADE CREDITS R. P. TRIPATHI Department of Applied Sciences and Humanities, KNIT, Sultanpur (UP), India rakeshprakash11@ D. SINGH and S. ANEJA Department of mathematics, SGRR (P. G) College, Dehradun (UK) India surbhianejajgd@ Received: March 2016 / Accepted: June 2017 Abstract: Deterioration, a continuous process of all items, may be low or high for different items. This paper develops an inventory model for stock-dependent demand and time varying holding cost under different trade credits, considering four different situations. The second order approximations are used for exponential terms. Optimal solutions are obtained using Mathematica software. Numerical examples and sensitivity analysis are provided to illustrate the proposed model. Keywords: Stock-dependent Demand, Deterioration, Credit, Cash Discount, Timedependent Holding Cost. MSC: 90BB05. 1. INTRODUCTION It is generally considered that the demand rate depends on stock availability, price of items, etc. but it is observed that customers are more attracted by the products display on the shelf, its popularity and variety. In case of low stock in the shop, goods are generally treated as though they are not fresh. Levis et al. [1] established the model considering the fact that large amount of items displayed in a market attract customer to buy more. Baker and Urban [2] considered an inventory 140 R. P. Tripathi, et al. / Inventory Models for Stock-Dependent Demand model for a power-form inventory level dependent demand pattern. Datta and Pal [3] pointed out an EOQ model for instantaneous inventory level dependent demand. Urban and Baker [4] considered an inventory model for multivariate price, time and stock-induced demand. Pal and Chandra [5] studied a periodic review EOQ model