Development of Inventory Models for Deteriorating Items with Shortages under Inflation

Abstract

Inventory control is set of policies and operating transactions that are planned to maximize of newlineany organization with the help of inventory, therefore that it make the maximum earnings from newlinethe smallest amount of inventory investment with not including purchaser satisfaction levels. newlineSome factors, which influence the inventories of all types, are the accuracy of the final newlineforecast, the inflation and the time value of money. A good inventory control system offers the newlinebenefits of the proper relationship between sales and inventory can better be well maintained. newlineWithout inventory control procedures in place, the store or department can become newlineoverstocked or under stocked. Here an effort to make a structure for decision making to take newlinethe exact decision by using application of models which play an important role in existing life. newlineInventory manager design such structure of inventory, scheduling inventory. So, main newlineobjective of any organization is to maximize the profit function and minimize the cost of newlineinventory. newlineIn the present study, we have an attempt to incorporate some inventory models with different newlinebusiness surroundings, under the effect of inflation, trade credit, and the time value of money, newlinetwo storage facilities and remanufacturing on manufacturing products. Besides this following newlinedemonstrates the whole thesis. We have discussed the production, inventory model for time newlinedependent deterioration by the recycling of used product with stock dependent demand under newlineconsideration of inflation and the time value of money for retailer and supplier. Shortages newlineoccur only for retailer s part only. newlineVarious inventory models with linear trend of demand, constant demand, time dependent newlinedemand, and stock level dependent demand, power demand, ramp type of demand under the newlineeffect of inflation, trade credit period, and the time value of money with allowable shortages newlineare discussed. We also discussed some inventory model with two warehouse difficulty with the newlinestock shipped from rented warehouse RW to own warehouse OW under a bulk