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A production inventory model for deteriorating products with selling price dependent consumption rate and shortages under inflationary environment

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  • Mohit Rastogi
  • S.R. Singh

Abstract

In today's highly competitive market, every business needs a high investment which is directly correlated to the return of the investment. The business will not be advantageous, if the return rate of investment is lesser than the inflation rate. In almost developed models, it is believed that distinct costs related with inventory systems will be constant all the time but in reality it is not true. As the time increases, inflation becomes a considerable function and the costs related to the model differ. This research article presents a production inventory model for deteriorating products with selling price dependent demand and shortages under inflationary environment. The production rate considered here is a function of occurring demand. The shortages during stock out assumed to be partially backlogged. The intention of this study is to compute the optimal value of production period and shortage period. A solution procedure and numerical example are presented to illustrate the implementation of proposed study. A sensitivity analysis with respect to distinct system parameters is also presented to check the stability of the optimal solution.

Suggested Citation

  • Mohit Rastogi & S.R. Singh, 2018. "A production inventory model for deteriorating products with selling price dependent consumption rate and shortages under inflationary environment," International Journal of Procurement Management, Inderscience Enterprises Ltd, vol. 11(1), pages 36-52.
    • Handle: RePEc:ids:ijpman:v:11:y:2018:i:1:p:36-52
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    Citations

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    Cited by:

    1. Md Sadikur Rahman & Subhajit Das & Amalesh Kumar Manna & Ali Akbar Shaikh & Asoke Kumar Bhunia & Leopoldo Eduardo Cárdenas-Barrón & Gerardo Treviño-Garza & Armando Céspedes-Mota, 2021. "A Mathematical Model of the Production Inventory Problem for Mixing Liquid Considering Preservation Facility," Mathematics, MDPI, vol. 9(24), pages 1-19, December.
    2. Chaman Singh & Gurudatt Rao Ambedkar, 2023. "Optimizing EOQ model for expiring items with stock, selling cost and lifetime dependent demand under inflation," OPSEARCH, Springer;Operational Research Society of India, vol. 60(1), pages 174-187, March.

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