A DETERMINISTIC INVENTORY MODEL FOR NON-INSTANTANEOUS DETERIORATING ITEMS WITH RAMP-TYPE DEMAND RATE AND SHORTAGES UNDER PERMISSIBLE DELAY IN PAYMENTS

In this paper, we have proposed an inventory model for non-instantaneous deteriorating items, having Ramp-type demand rate with a time dependent holding cost. In addition, the shortage is allowed, which is partially backlogged. In the genuine business sector, for getting more profit one of the best tools is the trade credit or delay in payments. Furthermore, in our model we have considered as the credit-period is offered by the suppliers to retailers for settling the account. Presented model serves in minimizing the total inventory cost by finding an optimal solution. Some useful lemmas and algorithms have been discussed to illustrate the optimal solution. Several numerical examples are given to test and verify the theoretical results. Finally, the conclusion of the proposed model is discussed.