Analysis of Inventory Control Model for Items Having General Deterioration Rate

Deterministic inventory control models for stochastic deteriorating items have been extensively studied in the past. However, there is not much work reported to model situations where different phases of deterioration rate are prevalent. In this paper, we develop a deterministic inventory control model with stochastic deterioration incorporated through additive Weibull distribution. In this study, an elegant approach is proposed to consider a time-dependent demand in the planning process and we consider that the holding cost totally depends on time and shortages are allowed for this model. The objective is to minimize the total inventory cost of the proposed model. Finally, the formulated model is illustrated through numerical examples to determine the effectiveness of the proposed model.