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An Inventory Model for Perishable Items with Cubic Deterioration Rate Having Shelf-Life Price, Stock, and Time-Dependent Demand Rate

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Abstract

In this context, efficient and effective inventory management of perishable commodities is required to reduce losses due to deterioration. Furthermore, several factors such as shelf-life pricing, stock, and time-dependent influence product demand. The deterioration rate is taken as cubic function. As a result of this study, an inventory model for perishable components is developed that is confined by both physical and freshness condition degradations. In addition, the holding cost is modelled as a constant function of time. Some numerical examples are presented to demonstrate the use the inventory model. Finally, a sensitivity analysis is performed in order to see the optimal solution with respect to varying parameters.

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Funding

We declare that this survey was not funded by any research agency. The authors did not receive any fund from any governmental or non-governmental organization.

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Authors and Affiliations

  1. Research Scholar, GIET University, Gunupur, Raygada, Odisha, India

    Kailash Chandra Paul

  2. Department of Mathematics, GIET, Ghangapatna, Odisha, India

    Chandan Kumar Sahoo

  3. Department of Mathematics, GIET University, Gunupur, Raygada, Odisha, India

    Manas Ranjan Sarangi

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  1. Kailash Chandra Paul
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  2. Chandan Kumar Sahoo
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Correspondence to Chandan Kumar Sahoo.

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This article is part of the topical collection “Advanced Theories and Algorithms for Next-generation Recommender Systems” guest edited by Shoujin Wang, Lin Xiao, Marko Tkalcic and Julian McAuley.

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Paul, K.C., Sahoo, C.K. & Sarangi, M.R. An Inventory Model for Perishable Items with Cubic Deterioration Rate Having Shelf-Life Price, Stock, and Time-Dependent Demand Rate. SN COMPUT. SCI. 5, 407 (2024). https://doi.org/10.1007/s42979-024-02676-w

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