An Incentive Inventory Model for Exponential Function of Cost with Maximum Life Time of Deteriorating Products
P. Muniappan1, M. Ravithammal2, S. Senthil3
1P. Muniappan, Assistant Professor, Sathyabama Institute of Science and Technology, Chennai (Tamil Nadu), India.
2M. Ravithammal, Associate Professor, Department of Mathematics, Vels Institute of Science Technology and Advanced Studies, Chennai (Tamil Nadu), India.
3S. Senthil, Assistant Professor, Department of Mathematics, Vels Institute of Science Technology and Advanced Studies, Chennai (Tamil Nadu), India.
Manuscript received on 05 February 2019 | Revised Manuscript received on 18 February 2019 | Manuscript Published on 04 March 2019 | PP: 120-123 | Volume-7 Issue-5S2 January 2019 | Retrieval Number: ES2016017519/19©BEIESP
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Abstract: This paper investigates an inventory model for deteriorating products with maximum lifetime and constant demand. Shortages are allowed and backlogged them completely. This model assumes that (i) deteriorating products not only deteriorate continuously, and has a maximum lifetime, and (ii) deteriorating products having exponential function of holding cost, shortage cost and purchasing cost. The goal of this model is to determine the optimal decisions so that the seller’s profit function is maximized. We provide simple analytical tractable procedures for deriving the model and give numerical examples to illustrate the solution procedure.
Keywords: Shortages, Deteriorating Items, Exponential Function, Inventory Costs.
Scope of the Article: Software Defined Networking and Network Function Virtualization