Replenishment Policy for Pareto Type Deteriorating Items With Quadratic Demand under Partial Backlogging And Delay in Payments

The present model develops a replenishment policy in which the demand rate is quadratic polynomial-time function. Deterioration rate is a Pareto type function. Shortages are partial backlogging and delay in payments are allowed. Holding cost is a linear function of time. The backlogging rate varies with the waiting duration for the next replenishment. The present paper determines the optimal policy for the individual by minimizing the total cost. The optimization procedure has been explained by a numerical example and a detailed sensitivity analysis of the optimal solution has been carried out to display the effect of various parameters