An EPQ inventory model with Weibull distribution, dynamic time-dependent holding cost under various demand pattern using Maclaurin series approximations

• Published in: Discover applied sciences Vol. 7; no. 2; pp. 117 - 22
• Main Authors: Gupta, Gopal Kumar, Nand, Atma, Chauhan, N. S., Shivanand
• Format: Journal Article
• Language: English
• Published: Cham Springer International Publishing 01.02.2025; Springer Nature B.V; Springer
• Subjects: Applied and Technical Physics; Approximation; Chemistry/Food Science; Consumer goods; COVID-19; Cycle time; Demand analysis; Deterministic time-varying demand; Differential equations; Dynamic holding costs; Earth Sciences; Economics; Engineering; Environment; Expiration; Fault detection; Fault minimization; Inventory; Inventory control; Inventory management; Investigations; Literature reviews; MacLaurin series; Manufacturing; Manufacturing flaws; Materials Science; Mathematical models; Non-instantaneous Weibull-distributed deterioration; Optimization; Production planning; Sensitivity analysis; Shelf life; Shortages; Statistical analysis; Supply chains; Time dependence; Weibull distribution; Deterministic time-varying demand; Manufacturing flaws; Dynamic holding costs; Non-instantaneous Weibull-distributed deterioration

In this research study we present an advanced adaption of the economic and efficient optimized production model by integrating Weibull-distributed progressive degradation, dynamic holding costs, fluctuating demand, and strong strategies for effectively managing shortages and backlogs. The economic p...