A study on an inventory model for items with weibull ameliorating

✍ Scribed by Heung-Suk Hwang

• Publisher: Elsevier Science
• Year: 1997
• Tongue: English
• Weight: 283 KB
• Volume: 33
• Category: Article
• ISSN: 0360-8352
• DOI: 10.1016/s0360-8352(97)00226-x

✦ Synopsis

This paper is concerned with the development of ameliorating inventory models. The ameliorating inventory is the inventory of goods whose utility increases over the time by ameliorating activation. The term ameliorating inventory is used in this paper at least, since the terminology is not standard well known. This study is performed according to areas; one is an economic order quantity(EOQ) model for the items whose utility is ameliorating in accordance with Weibull distribution, and the other is a partial selling quantiW(PSO) model developed for selling the surplus inventory accumulated by ameliorating activation. The proposed models cannot be solved directly in a closed form, thus we used a computer program and a graphical solution method to obtain the optimal ordering and selling quantity in this paper. Numerical examples to illustrate the effect of ameliorating rate on inventory polices are shown at the end of this paper.