Inventory Management of Perishable Products under Inflation and Preservation Technology

Sachin   Kumar Verma; Amit  Kumar; Vipin Kumar; Sachin   Kumar

doi:10.5269/bspm.81962

Sachin Kumar Verma 1Department of Mathematics, Dewan Institute of Management Studies, Meerut https://orcid.org/0009-0009-5843-0648
Amit Kumar Department of Mathematics, Shaheed Mangal Pandey Government Girls P.G. College, Meerut, India https://orcid.org/0009-0005-7148-561X
Vipin Kumar B K Birla Institute of Engineering and Technology , Pilani https://orcid.org/0000-0001-5184-763X
Sachin Kumar Department of Applied Sciences, KIET Group of Institutions Delhi - NCR, Ghaziabad https://orcid.org/0000-0001-7643-4030

DOI: https://doi.org/10.5269/bspm.81962

Abstract

This study is on an inventory control model that shows how demand is related to both the selling price of the assumed commodities and the amount of stock on hand. There is also a temporal component to demand. Consequently, time, stock, and price are the three independent variables that drive demand. The model with partially backlogged data and an exponentially declining rate has also been used in this research to explore the shortage under the stated assumption. The effects of inflation are also considered. Our model's underlying premise is that there will always be degradation due to the impact of preservation techniques. The total average cost is calculated as a function of an independent variable that must be minimized in the inventory system for our model to work. In order to bolster our conclusions, sensitivity analysis using a perfect example was also presented when building the computation process to examine the influence of different factors.

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Author Biographies

Sachin Kumar Verma, 1Department of Mathematics, Dewan Institute of Management Studies, Meerut

Sachin Kumar Verma has done Graduation from Meerut College, C.C.S. Universit Meerut. He has also done Master in Mathematics from NAS College, C.C.S. University Meerut. Meerut and Master in Business Administration from Annamalai University. He has published some research papers in reputed national and international journals. He also presented many research papers in various conferences. Presently he is working in dewan group of education Meerut as assistant professor.

Amit Kumar, Department of Mathematics, Shaheed Mangal Pandey Government Girls P.G. College, Meerut, India

Amit Kumar is an Associate Professor in the Department of Mathematics S. M. P. Government Girls PG College Meerut, Uttar Pradesh, India. He obtained his M.Sc (2002) and M.Phil (2005) Degree in Mathematics from Chaudhary Charan Singh University, Campus Meerut, India. He completed his PhD in Flexible Space Robot from IIT, Roorkee in 2010. His areas of interest are Bond Graph Modeling, Flexible Space Robots and Inventory control. He has qualified NET (CSIR JRF) June 2006 and GATE 2005, 2006 & 2007. He has published several research papers in National and International Journals in the field of Robotics and Operation Research. He has more than 14 years teaching experience. He has authored several chapters for edited books. Dr. Kumar was invited to chair several international conference/workshop programs and sessions.

Vipin Kumar, B K Birla Institute of Engineering and Technology , Pilani

Vipin Kumar is an professor at the Department of Mathematics at the B.K. Birla Institute of Engineering and Technology, Pilani, Rajasthan, India. He obtained his degrees of M.Sc. and Ph.D. in mathematics from CCS University Meerut, UP, India. He has been involved in teaching and research for more than 29 years. He has published several research papers in various international and national journals of repute. He is the author and co-author of eight books on mathematics. He also has four patents. Under his guidance, five researchers obtained Ph.D. degrees and 2 are currently working. His research interests include operations research, inventory management, and supply chain management. Dr. Vipin Kumar was the general secretary of Rajasthan Ganita Parishad. He visited, Institut Universitaire De Technologie (IUT) D’angoulême of University of Poitiers, France in 2012.

Sachin Kumar, Department of Applied Sciences, KIET Group of Institutions Delhi - NCR, Ghaziabad

Sachin Kumar is a Professor at the KIET Group of Institutions, located on the Meerut Road (NH-58) in Delhi-NCR, Ghaziabad, India. He earned his Ph.D. in Mathematics from CCS University, Meerut, India. Dr. Kumar's academic contributions include three patents and 20 research papers published in peer-reviewed international journals. He is also the author of a book on engineering mathematics. Currently, he is supervising three Ph.D. scholars. In addition to his teaching and research roles, Dr. Kumar is an active member of the editorial boards of various international journals and holds life memberships in IAENG and ISTE, New Delhi, India. His research interests are focused on Reliability and Operations research.