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ISSN 2063-5346
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Analysis of a Supply Chain Model with Weibull Demand and Deterioration under Finite Planning Horizon: Mathematical Inventory Model, Optimality, and Sensitivity Analysis

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Nitin Kumar Mishra , Ajay Pratap Singh, Ranu, and Sakshi Sharma
» doi: 10.31838/ecb/2023.12.3.117

Abstract

A significant financial loss can occur in a supply chain system due to the degradation of items in inventory. In this study, we have analyzed a supply chain model that examines deterioration in a finite planning horizon model with Weibull market demand. We have discussed the formulation of a mathematical inventory model with a finite planning horizon and its solution. To illustrate the optimality of replenishment cycles in this inventory model, we have provided a numerical example. We have determined the total optimal cost, which is a convex nonlinear function by establishing the positive definiteness of the Hessian matrix. We have conducted a sensitivity analysis of all parameters using different tables and graphs. In addition, we have dedicated a separate section to discuss the results obtained and provide managerial insights.

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