An inventory model for deteriorating items with stock-dependent consumption rate and shortages under inflation and time discounting |
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| Institution: | 1. School of Industrial Engineering, College of Engineering, University of Tehran, P.O. Box 11155/4563, Tehran, Iran;2. School of Industrial Engineering and Systems, Amirkabir University of Technology, Tehran, Iran;3. Department of Industrial Engineering, Faculty of Engineering, College of Farabi, University of Tehran, Tehran, Iran |
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| Abstract: | This paper derives an inventory model for deteriorating items with stock-dependent consumption rate and shortages under inflation and time discounting over a finite planning horizon. We show that the total cost function is convex. With the convexity, a simple solution algorithm is presented to determine the optimal order quantity and the optimal interval of the total cost function. The results are discussed with a numerical example and particular cases of the model are discussed in brief. A sensitivity analysis of the optimal solution with respect to the parameters of the system is carried out. |
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