Integrated Inventory Model with Inflation for Deteriorating Items
S. V. Singh Padiyar
Department of Mathematics, Sardar Bhagat Singh Government Post Graduate College, Rudrapur, India.
Krati Jain
Department of Mathematics, Radhe Hari Govt. P.G. College, Kashipur, India.
Deepa Makholia
Department of Mathematics, M.B.G.P.G. College Haldwani, Nainital, India.
Raghawendra Mishra
Department of Mathematics, Sardar Bhagat Singh Government Post Graduate College, Rudrapur, India.
*Author to whom correspondence should be addressed.
Abstract
The integrated inventory model works like a multi-tier supply chain involving a manufacturer, buyer, supplier, and customer. In the proposed article, integrated inventory management for perishable items has been developed. It is an essential responsibility of every supply chain member to ensure that any inventory can be delivered to the customer smoothly and on time. The model of inflation fluctuations takes into account inflation as one of its factors. This model considers the movement of inventory from production to supply in real data; Numerical examples have been explored to facilitate a practical understanding of this model in real-life situations, and the aggregate cost from the entire supply chain has been calculated. The model concludes with a sensitivity analysis, revealing the effects on the overall model stemming from alterations in key parameters that exert significant influence.
Keywords: Multi echelon, inflation, deteriorating items