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Design of EOQ model for Decreasing Demand and Parabolic Holding cost carry forward with two-parameter Weibull Deterioration Rate.

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Kailash Chandra Paul, Dr. Chandan Kumar Sahoo, Dr. Manas R Sarangi, Dr. Niroj Kumar Pani
» doi: 10.31838/ecb/2023.12.si6.354


The aim of this work is to discuss a production and inventory model for perishable goods with an exponentially decreasing demand, Parabolic holding cost along with Deterioration rate as two-parameter Weibull functions of time. This model has been subjected to optimization using Mathematica12. Using numerical data in MATLAB software to plot the Graphs which is very much helpful to analyze the correctness of the discussed model and examine the viability of the optimized solutions. This proposed research project's contribution is to determine the minimum total inventory cost per cycle time and the corresponding order quantity. Sensitivity analysis of the optimal solution is also represented with respect to the various parameters used in the numerical examples.

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