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An Inventory Model for Log-gamma Distribution Deterioration Rate with Ramp Type Demand and Shortages

Author Affiliations

  • 1Department of Mathematics and Statistics, DDU Gorakhpur University, Gorakhpur-273009, UP, India
  • 2Department of Mathematics and Statistics, DDU Gorakhpur University, Gorakhpur-273009, UP, India
  • 3Department of Mathematics and Statistics, DDU Gorakhpur University, Gorakhpur-273009, UP, India

Res. J. Mathematical & Statistical Sci., Volume 4, Issue (7), Pages 7-11, August,12 (2016)

Abstract

In this paper, an inventory model is considered which is reduced not only by demand but also by deterioration. The rate of deterioration is assumed to follow the log-gamma distribution with two parameters. The demand rate is considered as a ramp type function of time. The shortages are allowed and shortages are fully backlogged. The model is derived by minimizing the total inventory cost. The result is demonstrated by considering a numerical example. The model can be used to minimize the total inventory cost for the business enterprises where the demand and deterioration rate are time dependent.

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