A STUDY OF SOME INVENTORY MODELS FOR PRODUCTS WITH TIME-DEPENDENT STORAGE COSTS

applied science

In this paper we are presenting a study of some Inventory Models for Declension Products with Time Dependent Storage Cost. There are two major objectives of inventory control, which commonly are in conflict. The operations manager’s problem is in striking a balance between the two. These objectives are to maximize the level of customer service, and to minimizing the cost of providing an adequate level of customer service, promoting efficiency in production or purchasing. There are two major objectives of inventory control, which are usually in conflict. The operational manager's problem lies in balancing the two. These objectives are to maximize the level of customer service and reduce the cost of providing an adequate level of customer service, promoting efficiency in production or procurement. Today, the changing scenario of the market has as many advantages as disadvantages. The customer is offered more choice today. This has certainly put him in a winning position. However, a retailer is not better if it has to lose for any reason. This puts the retailer in a tight spot, especially if it has no stock to deliver to the customer. With so many options, a customer can easily place their order with some other retailer who should have the goods ready for delivery. For the retailer this loss of sales may result in a greater loss as the customer will hesitate to approach it the next time.

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