An Inventory Analysis for Deteriorating Items Incorporating the Effect of Preservation Technology Investment When Demand is Time Dependent
M. A. Rahman *
Department of Mathematics, Comilla University,Cumilla, Bangladesh.
M. H. Rashid
Department of Mathematics, Dhaka University of Engineering & Technology,Gazipur, Bangladesh.
*Author to whom correspondence should be addressed.
Abstract
The goal of this work is to characterize preservation technique for deteriorating items in order to lessen the rate of deterioration. This study looks at a degrading inventory model with time-dependent demand that is a quadratic function of time. The rate of degradation in this model is determined by deterministic deterioration, which is a quadratic function of time. The main objective is to determine the effect of preservation technology for deteriorating items where the demand function is time variable and analyze the significance of preservation technology. The major goal of this article is to look at the inventory model's minimum cost per unit time. With the help of a numerical example, the results are validated. The ideal solution is subjected to a sensitivity analysis with regard to several parameters. Finally, a graph depicts the behavior of the relationship between parameters and total inventory cost.
Keywords: Inventory, deterministic inventory model, preservation technology investment, deterioration items, sensitivity analysis.