Title: An inventory model for perishables with fixed storage life and diminishing ability to buy in their life expectancy

Authors: Saurabh Srivastava

Addresses: Department of Mathematics, Jaypee University of Information Technology, Waknaghat, 173234, Solan, Himachal Pradesh, India

Abstract: In present market scenario, health-conscious customers embrace a policy to purchase a perishable product with more storage life as it is fresher and can be stored for successful time. Additionally, a large variety of goods in market influence customers to buy the most recent and quality improved items propelled by the companies. In this paper, these two relevant factors are incorporated and an optimal inventory model for the demand pattern depending on the willingness of buyers under fixed storage life has been developed. The demand process includes the willingness of customers to buy such items subject to their desired degree of satisfaction. To study such demand fluctuation, a stochastic mathematical model using the Gaussian distribution has been presented. The optimised values of parameters have been determined and the results are analysed with the help of numerical example. A sensitivity analysis for the involved parameters over optimal results is also provided.

Keywords: inventory; stochastic model; storage life; perishable; Gaussian distribution; willingness; life expectancy.

DOI: 10.1504/IJOR.2024.136550

International Journal of Operational Research, 2024 Vol.49 No.2, pp.187 - 203

Received: 03 Jul 2020
Accepted: 22 May 2021
Published online: 07 Feb 2024 *

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