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Optimal Replenishment Policy for Items with Inflation Rate and Time Dependent Demand with Salvage Value
Abstract
In this article, we have formulated an optimal replenishment policy for non-instantaneous deteriorating items with inflation rate and time dependent demand. The salvage value associated with the deterioration is also considered. Shortages are allowed and are partially backlogged. Optimal solution of the shortage point, order quantity and cycle time are attained in order to minimize the total cost. Numerical examples are provided for the proposed model.
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References
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