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A Note on EOQ Models for Perishable Items under Stock Dependent Selling Rate

Chung-Yuan Dye,Liang‐Yuh Ouyang,Tsu-Pang Hsieh-2015-07-06
2

TL;DRAbstract

Padmanabhan and Vrat [13] presented EOQ models for perishable items under stock dependent selling rate. In this article, we complement the shortcoming of their partial back-logging model by adding the cost of lost sales in the profit function. We then prove that the optimal replenishment policy not only exists but is unique. Further, the model is illustrated with a numerical example adopted from Padmanabhan and Vrat [13] and concluding remarks are provided.

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Padmanabhan and Vrat [13] presented EOQ models for perishable items under stock dependent selling rate. In this article, we complement the shortcoming of their partial back-logging model by adding the cost of lost sales in the profit function. We then prove that the optimal replenishment policy not only exists but is unique. Further, the model is illustrated with a numerical example adopted from Padmanabhan and Vrat [13] and concluding remarks are provided.

Keywords

Economic order quantityComplement (music)Profit (economics)Stock (firearms)Computer scienceLost salesEconometricsOperations research

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