Optimal pricing and replenishment policies of an EOQ model for noninstantaneous deteriorating items with shortages
- M. Valliathal, R. Uthayakumar
- International Journal of Advanced Manufacturing…
While the development and application of inventory control models of deterioration products is one of the main concerns of researchers and practitioners, most studies done in this field have focused on inventory models under fixed supply lead time assumption. In this paper, at first we study researches done in inventory control of deteriorating items and classify them based on modeling approaches. Next from two different viewpoints, two mathematical models for deteriorating items under stochastic supply lead time and completely backordered demand are built up. Then, by comparison of developed models some theoretical and practical results are derived and various directions are suggested for future research.