The effects of inflation, shortages, and partial backlogs on products that deteriorate over time in response to varied demand

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Published: Oct 15, 2024
DOI: https://doi.org/10.28951/bjb.v42i4.719
Keywords:
Inflation Weibull deterioration Shortages Stock varying demand Partial backlogging

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Yashpal Singh Raghav
Jazan University
https://orcid.org/0000-0002-9410-9079
Mohd Aftab Ali
Shri Venkateshwara University
Abhinav Goel
Graphic Era Deemed to be University
https://orcid.org/0000-0003-2412-705X
Sandeep Kumar
Graphic Era Hill University

Abstract

This study aims to determine an optimal policy to deal with a situation where a retailer should have enough stock to meet customer demands and prevent supply loss and deterioration. In this study, we demonstrate the impact of partial backlogging, shortages, and inflation on decaying items to provide the most relevant solutions to this problem. The model uses a two-parameter Weibull deterioration distribution with an exponential demand rate. Numerical results and sensitivity analysis are combined with a graphical demonstration, and the proposed approach is reliable and accurate, providing a new explanation for a different type of system. This paper determines the total cost and optimal production run time by developing an inventory model. Sensitivity analysis is carried out to demonstrate the proposed model.

Article Details

How to Cite
Raghav, Y. S., Ali, M. A., Goel, A., & Kumar, S. (2024). The effects of inflation, shortages, and partial backlogs on products that deteriorate over time in response to varied demand. Brazilian Journal of Biometrics, 42(4), 395–411. https://doi.org/10.28951/bjb.v42i4.719
Issue
Vol. 42 No. 4 (2024)
Section
Articles
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Author Biographies

Mohd Aftab Ali, Shri Venkateshwara University

Department of Mathematics, Shri Venkateshwara University, Gajraula, Amroha, India, Assistant Professor

Abhinav Goel, Graphic Era Deemed to be University

Department of Mathematics, Graphic Era (Deemed to be University), Dehradun, India, Associate Professor

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