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A lot size inventory model for the Weibull distributed deterioration rate with discounted selling price and stock-dependent demand
Shah N.H., , Wee H.M.
Published in
2009
Volume: 1
   
Issue: 4
Pages: 355 - 363
Abstract
In this paper, we present an inventory model with stock-dependent demand and deteriorating inventory. It is assumed that the deterioration rate follows a three-parameter Weibull distribution. The strategy of offering discounts in the selling price to boost demand is studied. The optimal discount in the selling price to maximise profit and the effects of deterioration on the optimal solution are the foci of this study. A numerical example and sensitivity analysis are carried out to validate the theory. © 2009 Inderscience Enterprises Ltd.
About the journal
JournalScopus
ISSN17558050
Open AccessNo