Sensitive Analysis of Inventory Model Having Cubical and Biquadratic Polynomial Demand

Abstract

Inventory can be explained as the stock of goods stored for the effective and smooth newlinefunctioning of the business. Inventory also used to boost up the business. Almost all newlinecompanies have their wide-ranging inventory for large items like electronic products, newlinemachines, etc., and small things like stationery, books, etc. For large businesses, newlineinventory is essential for solving complex algorithms and computer programming. newlineThe assumption of constant demand rate is not appropriate for many inventory products newlineor items like fashionable things, dairy products, electronic items, fruits, vegetables, etc.; newlinethe demand rate may be time-dependent, price-dependent, and stock-dependent. The newlineproducts like fruits, vegetables, drugs, dairy products, etc., have a limited lifetime. They newlinedecay according to time. Such type of items or products is known as deteriorating items. newlineDue to the deterioration of items or products, the inventory system faces many newlineproblems. newlineThis thesis intends to show the positive reflectance of inventory model by using cubical newlineand biquadratic polynomial as demand rate. Firstly authors assume cubic polynomial as newlinedemand rate and constant deterioration rate i.e., and#120579;(and#119905;) = and#120579;and#119905;. Shortages are also allowed newlinein this model. various types of constant and variable costs are considered to find Total newlineInventory Cost (TIC). Two cases also considered to find optimal TIC in case of cubic newlinepolynomial demand rate and constant deterioration rate. In first case, model is newlinedeveloped with assumption of cubic polynomial as demand rate and constant newlinedeterioration rate with variable holding cost. In second case model is developed with newlineassumption of cubic polynomial as demand rate and constant deterioration rate with newlinevariable ordering cost. Also authors assume Weibull distribution and Exponential newlinedistribution as deterioration rate by keeping cubic polynomial as demand rate. Further newlinewe assume biquadratic polynomial as demand rate and constant deterioration rate. newline