An Optimum EOQ model for buyer-vendor with price breaks and fixed holding cost

Abstract In this paper, an EOQ model is developed for deteriorating product where constant demand depends on the buyer-vendor inventory level with price breaks. In traditional inventory problems, it is considered that the holding cost is fixed and setup cost is not subject to control. An inventory p...

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Bibliographic Details
Published inJournal of physics. Conference series Vol. 1770; no. 1; p. 12103
Main Authors Muniappan, P., Kirubhashankar, C.K., Mohamed Ismail, A.
Format Journal Article
LanguageEnglish
Published Bristol IOP Publishing 01.03.2021
Subjects
Algorithms
Optimization
Order quantity
Physics
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Summary:Abstract In this paper, an EOQ model is developed for deteriorating product where constant demand depends on the buyer-vendor inventory level with price breaks. In traditional inventory problems, it is considered that the holding cost is fixed and setup cost is not subject to control. An inventory problem is formulated for deteriorating items, further, the optimal solutions are derived. Numerical examples presented to demonstrate the developed model. An algorithm is presented to determine the optimal inventory level while minimizing the present value of the total cost.
ISSN:1742-6588
1742-6596
DOI:10.1088/1742-6596/1770/1/012103