Probabilistic Eoq Model Under Inflation Rate

Abstract

newline newlineAs a very important note that the present research work is conducted to inquire into inventory model and explore more concepts related to Weibull distribution deterioration and probabilistic demand. The thesis is divided into eight chapters focused on probabilistic EOQ models. In Chapter one and two the basic concepts of operations research its origin and developments of Operational Research OR in India are discussed. Chapter three focused on concept that in any business transaction the constant unit price assumption is not true. The model developed in this chapter helps to determine optimum ordering quantity for stock dependent consumption rate items under inflationary environment with infinite replenishment rate without permitting shortages. In chapter four an order level inventory model with Weibull distribution deterioration and stock level demand under shortages are developed. Holding cost is taken as exponential time dependent. Numerical examples and sensitivity analysis are presented to validate the proposed model. Chapter five of my thesis is based on uncertainty is the natural phenomena for any type of business transaction. This chapter considers an inventory model for exponential demand rate and Weibull distribution deterioration. Truncated Taylor series approximation is used for finding closed form solution. In this chapter demand is taken Weibull distribution under deterioration and shortages. Four Different situations have been considered to complete the cycle. Optimal solution is obtained for all situations. It is shown that the total profit function is concave with respect to cycle time. In chapter seven we establishes a deterministic inventory model for time dependent deteriorating products and demand rate with exponential time dependent holding cost. Chapter eight of the thesis focused on high quality business transaction. At present credit sales become one of the important competitive means of the sellers.