Deterministic models of perishable inventory with stock-dependent demand rate and nonlinear holding cost |
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| Institution: | 1. School of Industrial Engineering, College of Engineering, University of Tehran, Iran;2. School of Industrial Engineering, South Tehran Branch, Islamic Azad University, Tehran, Iran;3. Center for Sustainable Supply Chain Engineering, Department of Technology and Innovation, University of Southern Denmark, Odense M, 5230, Denmark;1. Department of Operational Research, Faculty of Mathematical Sciences, New Academic Block University of Delhi, Delhi 110007, India;2. School of Engineering and Sciences, Tecnológico de Monterrey, E. Garza Sada 2501 Sur, C.P. 64849 Monterrey, Nuevo León, México;1. Department of Mathematics, Hajee Mohammad Danesh Science and Technology University, Dinajpur, 5200, Bangladesh;2. Department of Industrial Engineering, Universitas Atma Jaya Yogyakarta, Yogyakarta, Indonesia;3. School of Engineering and IT, University of New South Wales (UNSW), Canberra, Australia;4. Institute of Innovation and Circular Economy, Asia University, Taichung, Taiwan;5. Department of Medical Research, China Medical University Hospital, China Medical University, Taichung, Taiwan;1. Department of Mathematics, School of Advanced Sciences, Vellore Institute of Technology, Vellore, 632014, India;2. Department of Business Administration, Soochow University, 56 Section 1, Kuei-yang Street, Taipei, 10048, Taiwan, ROC;3. Department of Industrial Management, National Taiwan University of Science and Technology, Taipei, Taiwan;4. Institute of Innovation and Circular Economy, Asia University, Taiwan;5. Department of Medical Research, China Medical University Hospital, China Medical University, Taiwan |
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| Abstract: | This paper deals with an extended EOQ-type inventory model for a perishable product where the demand rate is a function of the on-hand inventory. The traditional parameters of unit item cost and ordering cost are kept constant; but the holding cost is treated as (i) a nonlinear function of the length of time for which the item is held in stock, and (ii) a functional form of the amount of the on-hand inventory. The approximate optimal solution in both the cases are derived. Computational results are presented indicating the effects of nonlinearity in holding costs. |
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