Enhancing ameliorating items with sustainable inventory management strategies: A Weibull approach for time and price-dependent demand trends

Abstract

To meet the needs of a growing population, improving the food supply is imperative. This research aims to identify and address the challenges that food inventories face due to deterioration during amelioration. The signature model employs empirical methodologies and assumes the application of a Weibull distribution to analyse the rates of amelioration and deterioration. Notably, the study acknowledges the dynamic nature of demand, which exhibits both price and time dependencies. The research delves into the plausible scenario where items may deteriorate even after amelioration. To counter this, an innovative instantaneous replenishment system is suggested, encompassing both ameliorating and deteriorating products. The economic order quantity is the pivotal metric for ascertaining optimal order quantities and cycle lengths and is ultimately meant to maximize profitability. An exceptional aspect is the application of a genetic algorithm in conjunction with MATLAB code for numerical analyses and validation of sensitivity analysis.

Keywords

• 90B05