An EOQ Model with Stock and Time Dependent Consumption Rate with Shortages under Inflationary Environment

Authors

  • Yogendra Kumar Rajoria Department of Mathematics Graphic Era University, Dehradun, India
  • Seema Saini Department of Mathematics Graphic Era University, Dehradun, India
  • Anand Chauhan Department of Mathematics Graphic Era University, Dehradun, India

Keywords:

Inflation, Time value of money, Time horizon

Abstract

In this paper, we developed an Economic order quantity model for decaying goods with stock and time reliant
demand rate under inflationary environment and time discounting over a fixed time horizon. Shortages are also
permitted and are partially backordered. The results are discussed with a numerical example and particular cases
are also discussed briefly.

Downloads

Download data is not yet available.

References

Balkhi, Z. T., & Benkherouf, L. (2004). On an inventory model for deteriorating items with stock dependent and

time-varying demand rates. Computers & Operations Research, 31(2), 223-240.

Sharma, V., Chauhan, A., & Kumar, M. (2016). EOQ models with optimal replenishment policy for perishable

items taking account of time value of money. Indian Journal of Science and Technology, 9(25), 1-19.

Chauhan, A., & Singh, A. P. (2014). Optimal replenishment and ordering policy for time dependent demand and

deterioration with discounted cash flow analysis. International Journal of Mathematics in Operational Research,

(4), 407-436.

Datta, T. K., & Paul. A. K. (2001). An inventory system with stock-dependent, price-sensitive demand rate.

Production Planning and Control, 12(1), 13-20.

Gupta, R., & Vrat, P. (1986). Inventory model for stock-dependent consumption rate. Opsearch, 23, 19–24.

Goyal, S. K. & Chang. C. T. (2009). Optimal ordering and transfer policy for an inventory with stock dependent

demand. European Journal of Operational Research, 196, 177–185.

Padmanabhan, G., & Vrat, P. (1988). Inventory models for perishable items under stock dependent consumption

rate. In XXIst Annual ORSI Convention, 1998, Trivandrum, India.

Patra, S. K., & Ratha, P. C. (2012). An inventory replenishment policy for deteriorating items under inflation in

a stock dependent consumption market with shortage. International Journal of Tran disciplinary Research, 6 (1),

-23.

Ray, J. & Chaudhuri, K. S. (1997). An EOQ model with stock-dependent demand shortage inflation and time

discounting. International Journal of Production Economics, 53, 171–180.

Shah. N. H., & Soni. H., (2008). Optimal ordering policy for stock-dependent demand under progressive

payment scheme. European Journal of Operational Research, 184, 91–100.

Sarkar, B., & Sarkar, S. (2013). An improved inventory model with partial backlogging, time varying

deterioration and stock-dependent demand. Economic Modelling, 30, 924-932.

Singh, S. R., & Sharma, S. (2014). Optimal trade-credit policy for perishable items deeming imperfect

production and stock dependent demand. International Journal of Industrial Engineering Computations, 5(1),

-168.

Urban, T. L. (1995). Inventory models with the demand rate dependent on stock and shortage levels.

International Journal of Production Economics, 40(1), 2–28.

Yang, H. L., Teng, J.T., & Chern, M. S. (2010). An inventory model under inflation for deteriorating items with

stock-dependent consumption rate and partial backlogging shortages. International Journal of Production

Economics, 123, 8-19

Downloads

Published

2023-02-28

How to Cite

Rajoria, Y. K., Saini, S., & Chauhan, A. (2023). An EOQ Model with Stock and Time Dependent Consumption Rate with Shortages under Inflationary Environment. Journal of Graphic Era University, 4(2), 103–112. Retrieved from https://riverpublishersjournal.com/index.php/JGEU/article/view/122

Issue

Section

Articles