An Inventory Model for Perishable Items with Cubic Deterioration Rate Having Shelf-Life Price, Stock, and Time-Dependent Demand Rate

In this context, efficient and effective inventory management of perishable commodities is required to reduce losses due to deterioration. Furthermore, several factors such as shelf-life pricing, stock, and time-dependent influence product demand. The deterioration rate is taken as cubic function. As a result of this study, an inventory model for perishable components is developed that is confined by both physical and freshness condition degradations. In addition, the holding cost is modelled as a constant function of time. Some numerical examples are presented to demonstrate the use the inventory model. Finally, a sensitivity analysis is performed in order to see the optimal solution with respect to varying parameters.