Analytical Study of Inventory Model with Bi-quadratic Demand and Weibull Distributed Deterioration Rate

The present work is an attempt to investigate an inventory model for decomposing items or products with bi-quadratic demand over time by using Weibull distribution as deterioration rate along with Shortages. The demand function is convex and provides best solution. To demonstrate the convexity of this model a three-dimensional graphical representation is being presented. An illustration is provided to double-check the model. The solution has been subjected to the sensitivity analysis concerning main parameters and the results have been presented.