EOQ Model For Deteriorating and Ameliorating Items With Price Dependent Demand And Partial Backlogging

Abstract

Inventory is an important part of manufacturing, distribution and retail infrastructure where demand and deterioration play an important role in choosing the best inventory policy. In this paper, we have dealt with an inventory model with price dependent demand, constant and Pareto Type-I deterioration and two-parameter Weibull amelioration rate. Shortages are allowed and are partially backlogged. Our objective is to minimize the average total cost. The model has additionally been exemplified with a numerical illustration. The results have also been presented diagrammatically.