Some mathematical inventory models for deteriorating items under progressive payment scheme

Abstract

Inventory control is set of strategies and functioning dealings that are designed to take advantage of of any business with the assistance of inventory so that it takes part a very essential role in any production process in our daily life. Some aspects which control the inventories of all kinds are the exactness of the finishing forecast the progressive payment scheme. A good class of inventory control system provides the settlement of the proper association between trade and supply can better be well preserved. Without managing of inventories procedures in place the storehouse or area can turn out to be in excess of stocked or below stocked. Now an attempt makes a plane for decision maker to obtain the correct choice by applying the appliance of models which take part a significant character in general life. Decision maker can take more exact decision with the help of proposed structure of inventory. Therefore key purpose of every business is to take full advantage of the earnings and decrease the cost of inventory. Numerous inventory models were planned as of now does not consider progressive payment as a characteristic of the model. In current years permissible delay is used to make strong relationship between retailer and purchaser as an important aspect for any system of business. A lot of work without considering the importance of permissible delay has been done by authors to control the inventory of deteriorating items. In the present study the efforts have been made to develop some of inventory models with special trade environment under the effect of progressive trade credit two warehouses services and inflation. Besides this following demonstrates the whole thesis. We have developed the production inventory model with selling price stock sensitive demand and partial backlogging. Shortages are allowed for retailer parts only. Variety of inventory models with demand function which is non-linear function of selling price time dependent demand with Weibull distribution and power demand function with two pa