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A Weibull distributed deteriorating inventory model with all-unit discount, advance payment and variable demand via different variants of PSO

Author

Listed:
  • Avijit Duary
  • Tanmoy Banerjee
  • Ali Akbar Shaikh
  • Seyed Taghi Akhavan Niaki
  • Asoke Kumar Bhunia

Abstract

The goal of this research is to formulate an inventory control problem of a single item with variable demand dependent on displayed stock level and selling price of the commodity. The item deteriorates based on a three-parameter Weibull distribution and advance payment is needed to purchase the item with the all-unit discount policy. Shortages are allowed partially and backlogged with the rate dependent on the length of customers' waiting time. The corresponding problem is formulated as a profit maximisation model. For solving this problem, four different variants of particle swarm optimisation (PSO) are utilised. Then, the application of the model is illustrated with the help of a numerical example. Finally, sensitivity analyses are carried out to study the impact of different parameters on optimal policies.

Suggested Citation

  • Avijit Duary & Tanmoy Banerjee & Ali Akbar Shaikh & Seyed Taghi Akhavan Niaki & Asoke Kumar Bhunia, 2021. "A Weibull distributed deteriorating inventory model with all-unit discount, advance payment and variable demand via different variants of PSO," International Journal of Logistics Systems and Management, Inderscience Enterprises Ltd, vol. 40(2), pages 145-170.
    • Handle: RePEc:ids:ijlsma:v:40:y:2021:i:2:p:145-170
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