Inventory Models with Power Demand and Inventory-Induced Demand with Holding Cost Functions
- 1 Department of Mathematis, Graphic Era University, Dehradun, 248001, India
- 2 Department of Mathematics and Statistics, Banasthali University, Raj.-304022, India
Abstract
In real life customers are motivated to buy more if there is more availability of product. In this study, we develop inventory model for inventory dependent demand with different holding cost function. Mathematical formulations are discussed for two situations i.e., power demand rate with inventory dependent holding cost functions and inventory-induced demand rate with time and inventory dependent holding cost functions. The second order approximation is applied for exponential terms to find numerical values. Numerical examples are discussed to illustrate the models proposed in this study. The sensitivity analysis is given for optimal (minimum) solution with respect to key parameters is also discussed.
DOI: https://doi.org/10.3844/ajassp.2017.607.613
Copyright: © 2017 Rakesh Prakash Tripathi, Sarla Pareek and Manjit Kaur. This is an open access article distributed under the terms of the
Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.
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Keywords
- Variable Holding Cost
- Stock
- Power Demand
- Optimization
- Time-Dependent