Document Type : Original Article
Department of Mathematics, B K Birla Institute of Engineering & Technology, Pilani (Rajasthan)
Bhagwant University, Ajmer (Rajasthan)
Shri Rawatpura Sarkar University, Raipur (Chhattisgarh)
The present paper analyses the inflation-based inventory model and time-varying demand. The developed model considers the lifetime constraints taken into account. However, such types of models require inventory data, to determine the optimal ordering policy and minimize the total inventory cost. In this study, we assume two cases: in the first case takes no shortages and in the second case, shortages are partially backlogged. We investigate the order quantity and integrated the expected total inventory cost. The proposed inventory model with and without shortages shown the relation between total optimal inventory costs with involved parameters that will give a described contribution to the optimum situation for the sessional product. Moreover, this model can be used for decision-making about the point for accepting backlogging or not.