AN OPTIMAL DECISION MODEL FOR AMELIORATING INVENTORY ITEMS WITH STOCK DEPENDENT DEMAND

Authors

  • Yusuf I. Gwanda
    Faculty of Computing and Mathematical Sciences, Kano University of Science and Technology, Wudil.-Nigeria
  • Falade Kazeem Iyanda Iyanda
  • Umar Muhammad Abubakar

Keywords:

Amelioration, Deterioration, Partial backlogging, Linear demand

Abstract

In marketplace, it is normally observed that the utility of some items increases with time. For instance, in breweries, the value of some stocked wine increases with time. In farms, the quantity or weight of fish, fast growing animals including broilers, sheep, and so on, increase with time. These phenomena are termed amelioration. In this paper therefore, we study an inventory model that determines the optimal replenishment decision for ameliorating items with stock dependent demand where the holding cost and the rate of amelioration are considered constants. The concept of differential and integral calculus was used to optimize the cost function to obtain numerical examples that illustrate the effects of parameter changes on the decision variables and to find the optimum number of replenishments. The model could be used by the organizations that deal with the relevant items.

Dimensions

Baker, R.C. and Urban, T.L. (1988), A deterministic inventory system with an inventory level-dependent demand rate, Journal of Operational Research Society 39 (9): 823-831.

Chang, C.T., Teng, J.T. and Goyal, S.K. (2010), Optimal replenishment policies for non-instantaneous deteriorating items with stock-dependent demand, International Journal of Production Economics, 123: 62-68

Gwanda Y. I. and Sani B. (2011), An economic order quantity model for Ameliorating Items with constant demand, The Journal of Mathematical Association of Nigeria, ABACUS, 38 (2):161-168.

Gwanda Y. I. and Sani B. (2012), An economic order quantity model for Ameliorating Items with Linear Trend in demand, The Journal of Mathematical Association of Nigeria, ABACUS, 39 (2),216-226

Hwang S.K. (1997), A study of Inventory model for items with Weibull ameliorating, Computers and Industrial Engineering 33: 701-704.

Hwang S.K. (1999), Inventory models for both ameliorating and deteriorating items, Computers and Industrial Engineering 37: 257-260.

Hwang S.K. (2004), A Stochastic set-covering location model for both ameliorating and deteriorating items, Computers and Industrial Engineering 46: 313-319.

Khatri P.D. and Gothi U.B. (2018), An EPQ Model under Constant Amelioration, Different Deteriorations with Exponential Demand Rate and Completely Backlogged Shortages, International Journal of Scientific Research in Mathematical and Statistical Sciences, 5(2), 21-28,

Levin, R.I. McLaughlin, C.P. Lamone, R.P. and Kottas, J.F. (1992), Production/Operations Management: Contemporary Policy for Managing Operating Systems. McGraw-Hill, New York.

Marchi B. Lucio E. and Zanoni S. (2022), Supply chain finance for ameliorating and deteriorating products; a systematic literature review, Journal of Business Economy, https;//doi.org/10.1007/s11573-022-01108-6,

Mondal B. Bhunia A. K. and Maiti M. (2005), An inventory system of ameliorating items for price dependent demand, Computers and Industrial Engineering 45: 443-456.

Moon I. Giri B. C. and Ko B. (2005), Economic order quantity model for ameliorating/deteriorating items under inflation and time discounting, European Journal of Operations Research 162: 773-785.

Moon I. Giri B. C. and Ko B. (2006), Erratum to ‘‘Economic order quantity model for ameliorating/deteriorating items under inflation and time discounting’’ European Journal of Operations Research 174(2): 1345-1347.

Srivastava H. M. (2017), An inventory model for ameliorating/deteriorating items with trapezoidal demand and complete backlogging under inflation and time discounting, Mathematical Methods in the Applied Sciences, 40(8), 2980-2993, https://doi.org/10.1002/mma.4214

Valliathal M. (2016), A Study of Inflation Effects on an EOQ Model for Weibull Deteriorating/Ameliorating Items with Ramp Type of Demand and Shortages, Journal of Operation Research, 23(3): 235-244.

Wu K.S. Ouyang, L.Y. and Yang, C.T. (2006), An optimal replenishment policy for non-instantaneous deteriorating items with stock-dependent demand and partial backlogging, International Journal of Production Economics, 101: 369-384.

Published

10-01-2023

How to Cite

AN OPTIMAL DECISION MODEL FOR AMELIORATING INVENTORY ITEMS WITH STOCK DEPENDENT DEMAND. (2023). FUDMA JOURNAL OF SCIENCES, 6(6), 195-201. https://doi.org/10.33003/fjs-2022-0606-1162

Issue

Vol. 6 No. 6 (2022): FUDMA Journal of Sciences - Vol. 6 No. 6

Section

Research Articles
Copyright & Licensing

How to Cite

AN OPTIMAL DECISION MODEL FOR AMELIORATING INVENTORY ITEMS WITH STOCK DEPENDENT DEMAND. (2023). FUDMA JOURNAL OF SCIENCES, 6(6), 195-201. https://doi.org/10.33003/fjs-2022-0606-1162

Most read articles by the same author(s)