RETAILER’S OPTIMAL PRICING AND ORDERING POLICIES OF NON-INSTANTANEOUS DETERIORATING ITEMS WITH QUADRATIC DEMAND OF TIME AND LINEAR HOLDING COST
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Abstract
In this paper we have presented an inventory system for non-instantaneous deteriorating items with demand as quadratic function of time, constant deteriorating rate and linear holding cost. This model is developed in which shortages are allowed and partially backlogged, where the backlogging rate is variable and dependent on the waiting time for the next replenishment. The major objective is to determine the optimal selling price, the length of time in which there is no inventory shortage and the replenishment cycle time simultaneously such that the total profit per unit time has a maximum value. An algorithm is developed to find the optimal solution, and numerical examples are provided to illustrate the theoretical result. A sensitivity analysis of the optimal solution with respect to major parameters is also carried out.
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