Inventory Policy with Stock Level Dependent Demand Rates and A Storage Time Dependent Holding Cost

Abstract

In this research, Deterministic inventory models usually consider the demand of rate to be newlineeither constant or time-varying but independent of inventory level. It has been noted in the newlineretail industry, that these classical inventory models are unsuitable for representations of newlinereality of inventory control situation in the retail fields. In these types of inventories, newlineparticularly the consumption rate of consumer goods influenced by the stock levels that is the newlineconsumption rate may grow up or down with the on-hand stock level. It has been reported that newlinesales at the retail level Inventories are proportional to display and a large pile of goods newlinedisplayed in a supermarket will lead the customers to buy more. Such observations attract to newlineinvestigate the modelling aspects of this phenomenon. So far not so many marketing newlineresearchers and practitioners studied this effect.The current thesis seeks to provide an alternative, easier to understand and hopefully better newlinemeans of obtaining optimal solutions to real-life problems. The present thesis demonstrates newlinethe flexibility of the approaches used for decision making in various real-life applications. newline