A COMPARATIVE STUDY OF PURCHASING EOQ (ECONOMIC ORDER QUANTITY) MODELS FOR NON-DETERIORATION AND DETERIORATING ITEMS UNDER STOCK-LINKED AND EXPONENTIAL DEMAND
1R. P. Tripathi
1Department of Applied Sciences and Humanities
KNIT, Sultanpur (UP) India
2M. K. Gupta
2Department of Mathematics
Chaudhary Charan Singh University, Meerut Uttar Pradesh
(Received : October 18, 2020 ; Revised: October 25, 2020)
Demand plays an important role for smooth running of any type of business. Most of the inventory modelers considered steady demand rate in their models. While in actual practice demand rate is in fluctuating state. In this study, a purchasing EOQ models for non-deteriorating and deteriorating items with stock-linked and exponential demand is considered. Three models are measured. In Model I, a purchasing EOQ model for non-deteriorating item with stock-dependent demand is assumed. In the second model an EOQ model for deteriorating item with stock-sensitive demand is considered. In the third model an EOQ model for decay item with exponential demand is considered. The mathematical models are established of all these three cases. Optimality conditions are also taken in account. Numerical examples and sensitivity analysis is also conversed. Taylor’s series approximation is used for finding numerical results.
2010 Mathematics Subject Classifications: 90B05.
Keywords and phrases: Inventory, Stock-linked and exponential demand, Deterioration, Optimality.
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