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EOQ Model with Stock-Level Dependent Demand and Different Holding Cost Functions

EOQ Model with Stock-Level Dependent Demand and Different Holding Cost Functions

H.S. Shukla, R.P. Tripathi, Neha Sang
Copyright: © 2017 |Volume: 8 |Issue: 4 |Pages: 17
ISSN: 1947-9328|EISSN: 1947-9336|EISBN13: 9781522513322|DOI: 10.4018/IJORIS.2017100104
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MLA

Shukla, H.S., et al. "EOQ Model with Stock-Level Dependent Demand and Different Holding Cost Functions." IJORIS vol.8, no.4 2017: pp.59-75. http://doi.org/10.4018/IJORIS.2017100104

APA

Shukla, H., Tripathi, R., & Sang, N. (2017). EOQ Model with Stock-Level Dependent Demand and Different Holding Cost Functions. International Journal of Operations Research and Information Systems (IJORIS), 8(4), 59-75. http://doi.org/10.4018/IJORIS.2017100104

Chicago

Shukla, H.S., R.P. Tripathi, and Neha Sang. "EOQ Model with Stock-Level Dependent Demand and Different Holding Cost Functions," International Journal of Operations Research and Information Systems (IJORIS) 8, no.4: 59-75. http://doi.org/10.4018/IJORIS.2017100104

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Abstract

This paper presents EOQ (Economic Order Quantity) model with stock- level dependent demand and different types of holding cost function. We show that the total relevant inventory cost per unit time is convex with respect to cycle time. Mathematical models are established to determine optimal order quantity and total relevant inventory cost. Numerical examples are provided for two different models i.e. (i): Instantaneous replenishment with inventory dependent holding cost and (ii) Instantaneous replenishment with quadratic time dependent carrying cost. Numerical examples are provided to illustrate the proposed model. Sensitivity analysis of the optimal solution with respect to the parameters of the system is carried out. The second order approximation is used for finding closed form optimal solution. Mathematica 5.2 software is used to find numerical results.

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