AN EOQ APPROACH OF NON-INSTANTANEOUS DETERIORATING ITEMS UNDER PRESERVATION AND CREDIT POLICY OF WEIBULL DISTRIBUTION, QUADRATIC DEMAND WITH SHORTAGES

Abstract

 In this paper, an inventory model for items that deteriorate over time under a price-dependent quadratic demand pattern is developed and a two-parameter Weibull distribution governs the deteriorating process. To lessen degradation and product loss, the approach includes the application of preservation technologies. A trade credit policy that the supplier provides to the retailer is also taken into account. Partially backlogged shortages are permitted. Along with the theorem proved based on economic order quantity (EOQ), sensitivity analysis, numerical examples and graph are also given to depict the model.