An Inventory Model for Weibull Distributed  Deteriorating Items with Inventory Returns and  Special Sales

MR. SURYA PRAKSH. B; DR. SRIDHAR. A; MR. PAVANKUMAR. S

Volume : III, Issue : VI, June - 2013

An Inventory Model for Weibull Distributed Deteriorating Items with Inventory Returns and Special Sales

Mr. Surya Praksh. B, Dr. Sridhar. A, Mr. Pavankumar. S

Abstract :

In this paper we reconsider the order level Inventory model with inventory returns and special sales discussed by several Authors. Here the items deteriorate with time. The main stress is on the discussion that the situation where the optimal stock level of an Inventory system is smaller than the amount on hand. Author has considered this problem in case of EOQ Inventory system. It has extended this model for the case of order level inventory system. However, this model is presented in a novel manner by considering shortages with prescribed scheduling period for deterministic demand. In these two models the assumption is that the order level inventory is less than the on–hand inventory. This type of situation may arise in any wholesale or retail business. The demand of a particular product decreases due to launching of a new product, which is cheaper and or superior, due to the effects of new budget such as price increase or due to any, other market fluctuations. In any such instances the optimum amount to be retained or sold, if any should be determined by minimizing the losses due to various costs involved in the inventory system.