Planning Production Agenda for Deteriorating Items with Time Exponential-Proportional Demand

Abstract

A novel approach has been elucidated in this paper for the study of demand using exponential and firms profit with the power of effective inventory control as well as find optimal solution for production with respect to deteriorating items. The objective of this research paper is to develop a mathematical model for deteriorating items such as e.g vegetables, milk, meat, radioactive materials, volatile liquids, etc for proper management of inventory to reduce cost and maximize profit. Managing large amount of inventory is a very difficult task for the firm’s. For this studies an inventory model has been illustrated using third order equation. Proper maintaining, dispatching and ordering of these inventories are one of the important decisions of a firm. Hence effective inventory control can substantially contribute in a firm’s profit which is studies in this paper. The goal of this research paper most deteriorated item of inventory item, the demand rate has been considered a exponential form. But in a real life these holding cost, deterioration cost vary over time. We develop a deterministic deterioration inventory item with effect in demand rate is exponential.