Three-rates of production inventory models for deteriorating items with constant, linear and quadratic demand - comparative study

Three-rates of production inventory models with constant, linear and quadratic demand for deteriorative items are considered in this study. The demand models found in the literature include constant, linear, quadratic, exponential, price dependent and stock dependent among others. To wit, no study exists that uses three-rates of production inventory models with constant, linear and quadratic demands. The first model uses three-rates of production inventory model with constant demand rate for deteriorative items, the second model uses three-rates of production inventory model with linear demand for deteriorative item, and the third model uses three-rates of production inventory model with quadratic demand for deteriorative item. Mathematical models are delineated for each model and relevant examples are provided to elucidate the proposed procedure. The objective herein is to obtain optimum order quantities and order intervals concerning the overall cost. Sensitivity analysis is provided for each of the three models. The necessary data was generated using Visual Basic 6.0. Three models are developed: the variation in production rate provides a way to result in consumer's gratification and earning potential profit.