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Advances in Decision Sciences
Volume 2014, Article ID 457276, 10 pages
http://dx.doi.org/10.1155/2014/457276
Research Article

Cost Analysis for a Supplier in an Inflationary Environment with Stock Dependent Demand Rate for Perishable Items

1Department of Mathematics, IIT Roorkee, Roorkee 247667, India
2Department of Mathematics, IBS, Khandari, Agra 282002, India
3Department of Mathematics, St. John’s College, Agra 282002, India

Received 11 May 2014; Revised 22 October 2014; Accepted 31 October 2014; Published 18 December 2014

Academic Editor: Jue Wang

Copyright © 2014 Madhu Jain et al. This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.

Abstract

The present study is concerned with the cost modeling of an inventory system with perishable multi-items having stock dependent demand rates under an inflationary environment of the market. The concept of permissible delay is taken into account. The study provides the cost analysis of inventory system under the decision criteria of time value of money, inflation, deterioration, and stock dependent demand. Numerical illustrations are derived from the quantitative model to validate the results. The cost of inventory and optimal time are also computed by varying different system parameters. The comparison of these results is facilitated by computing the results with neurofuzzy results.