Operational Research in Engineering Sciences

Control of Non-instantaneous Degrading Inventory under Trade Credit and Partial Backlogging

Pooja Meena,
Department of Mathematics, University of Rajasthan, Jaipur-302004, India
Anil Kumar Sharma,
Department of Mathematics, Raj Rishi Govt. College, Alwar, India
Ganesh Kumar,
Department of Mathematics, University of Rajasthan, Jaipur-302004, India

Abstract

Inventory management is an extremely difficult task. It has become usual practice for a provider during the last few decades to provide a retailer with a credit term. In this article, a non-instantly degradable products inventory system is built with a price-sensitive demand and a Weibull credit term allocation reduction rate. Some backlogged deficiencies are permitted. The aim is to maximize the total profit in this study by taking three cases into account. Numerical examples, graphical representations and sensitivity analysis demonstrate the application of the approach developed in this study.

Keywords
Inventory control, Weibull deterioration, price-sensitive demand, trade credit, non-instantaneous deterioration.