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EOQ Model with Stock-Level Dependent Demand and Different Holding Cost Functions

Author

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  • H.S. Shukla

    (DDU Gorakhpur University, Department of Mathematics, Gorakhpur, India)

  • R.P. Tripathi

    (Graphic Era University, Department of Mathematics, Dehradun, India)

  • Neha Sang

    (DDU Gorakhpur University, Department of Mathematics, Gorakhpur, India)

Abstract

This paper presents EOQ (Economic Order Quantity) model with stock- level dependent demand and different types of holding cost function. We show that the total relevant inventory cost per unit time is convex with respect to cycle time. Mathematical models are established to determine optimal order quantity and total relevant inventory cost. Numerical examples are provided for two different models i.e. (i): Instantaneous replenishment with inventory dependent holding cost and (ii) Instantaneous replenishment with quadratic time dependent carrying cost. Numerical examples are provided to illustrate the proposed model. Sensitivity analysis of the optimal solution with respect to the parameters of the system is carried out. The second order approximation is used for finding closed form optimal solution. Mathematica 5.2 software is used to find numerical results.

Suggested Citation

  • H.S. Shukla & R.P. Tripathi & Neha Sang, 2017. "EOQ Model with Stock-Level Dependent Demand and Different Holding Cost Functions," International Journal of Operations Research and Information Systems (IJORIS), IGI Global, vol. 8(4), pages 59-75, October.
    • Handle: RePEc:igg:joris0:v:8:y:2017:i:4:p:59-75
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    Cited by:

    1. 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.
    2. Longfei He & Han Gao & Xiao Zhang & Qinpeng Wang & Chenglin Hu, 2018. "Optimal Replenishment for Perishable Products with Inventory-Dependent Demand and Backlogging under Continuous and Discrete Progressive Payments," Sustainability, MDPI, vol. 10(10), pages 1-22, October.

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