Advances and Applications in Statistics
Volume 3, Issue 2, Pages 159 - 172
(August 2003)
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AN ORDER LEVEL LOT-SIZE MODEL WITH TIME DEPENDENT DETERIORATION AND PERMISSIBLE DELAY IN PAYMENTS
Ravi Gor (India) and Nita H. Shah (India)
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Abstract: In this
article, a mathematical model is developed to
determine the optimal ordering policy for time
dependent deterioration of the units in an
inventory system under permissible delay in
payments and allowable shortages. Different
scenarios of the permissible delay in payments
are discussed. Results are demonstrated with an
illustrative example. |
Keywords and phrases: inventory system, time dependent deterioration, permissible delay in payments. |
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