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Research Article Open access CC BY 4.0

An Inventory Model with Three Parameter Weibull Distribution for Deteriorating Items under Inflation

Akaninyene Udo Udom, Pascal Nnamdi Odoh

Asian Journal of Probability and Statistics · pp. 1–17 · Published 28 Jun 2022

10.9734/ajpas/2022/v18i230438

Abstract

This study explores a predetermined inventory system for deteriorating items with a Weibull distribution, taking into consideration nonlinear demand and trade credit under inflation and allowing for shortages and partial backlogs. The reason for this study is to find the appropriate order and replenishment policy to actually reduce relevant costs. The model is built under two scenarios; case  1: \(\left(0 \leq M \leq t_{2}\right)\) . The consumer will be charged interest on the outstanding debt if he does not pay the provider by time M. and case 2:  \(\left(0 \leq t_{1} \leq M\right)\)  if the consumer gets to sell all of his commodity as well as earns interest on the revenue until the account is settled. To demonstrate the use and performance of the model, numerical approach and sensitivity analysis are actually given. As a result, this model will assist retailer in determining the optimal replenishment cycles in a variety of situations, as well as provide an innovative management insight that will aid the industry reduce relevant cost.

EOQ Quadratic demand weibull distribution shortages trade credit inflation

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