TITLE:
An EPQ-Based Inventory Model for Deteriorating Items under Stock-Dependent Demand with Immediate Part Payment
AUTHORS:
P. Majumder, U. K. Bera
KEYWORDS:
EPQ Model; Immediate Part Payment
JOURNAL NAME:
Journal of Applied Mathematics and Physics,
Vol.1 No.4,
November
6,
2013
ABSTRACT:
In this paper, an EPQ-based inventory policy for an item
is presented with stock-dependent demand during two trade
credit periods. In addition, there is a provision for 1) an immediate part
payment to the wholesaler, 2) borrowing some money from money lending
source for the immediate part payment, 3) here supplier or wholesaler offers a trade
credit period to his retailer and retailer also offers a trade credit period to
his customer. Against the above conjectures inventory model has been formulated
with respect to the retailer’s point of view for minimizing the total inventory
cost. The non-linear optimization method-Generalized Reduced Gradient (GRG)
method is used to find the optimal solutions. Lastly Numerical examples are set
to illustrate this model. Finally we use LINGO software to solve this
model.