International Journal of Statistics and Applied Mathematics
2021, Vol. 6, Issue 2, Part A
Partially backlogging inventory model for perishable items with reliability and price varying demand
Author(s): Sushil Kumar
Abstract: Reliability is an important factor of any inventory system for attracting the customers towards its products. Mostly highly reliable products are preferred by the customers in the real/super market. Assuming, reliability any business organization can reduce their total cost or total profit. The proposed paper deals partially backlogging inventory model for perishable items with reliability and price varying demand. The shortages are partially backlogged. The unsatisfied demand is backlogged and governed by a function of waiting time. The objective of the study is to optimizing the total cost and selling price during a given period of time. The validity of the proposed model is shown by a numerical example along with the behavior of key parameters.