Inventory Model for Quadratic Demand and Deteriorating Items Following Weibull Distribution with Trade Credit Policy

Authors

  • Khyati Singh Department of Mathematics, Faculty of Engineering, Teerthanker Mahaveer University, Moradabad, India
  • Ashendra Kumar Saxena College of Computing Sciences & IT, Teerthanker Mahaveer University, Moradabad, India

DOI:

https://doi.org/10.23755/rm.v48i0.1310

Keywords:

Inventory, Quadratic Demand, Deterioration, Weibull Distribution, Trade Credit.

Abstract

In this paper, an inventory model for deteriorating items following two parameter Weibull distribution with trade credit policy is developed, while demand is viewed as quadratic function of time. The supplier gives the retailer a trade credit period. Trade credit is a frequently used method of payment implemented by suppliers, and it generally leads to greater revenue and ultimately, higher income. The suggested inventory model seeks to calculate the ideal replenishment cycle duration in order to maximize the overall profit per unit of time.  Shortages are permitted and partially backlogged. Two categories are applied to the mathematical model. Case I: When the payment to settle the account is made on or before the positive inventory. Case II: When the payment to settle the ac-count is made after the inventory reaches to zero. The model is illustrated through numerical experiments, sensitivity analysis, and graphical depiction.

Author Biography

  • Khyati Singh, Department of Mathematics, Faculty of Engineering, Teerthanker Mahaveer University, Moradabad, India
    My name is Khyati, Research Scholar in Department of Mathematics, Faculty of Enigeering, Teerthanker Mahaveer University, Moradabad, India. I completed my master degree from the same university.

References

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Published

2023-12-30

Issue

Vol. 48 (2023)

Section

Volume 48-2023

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