An Optimized Single Warehouse Inventory Model for Decaying ‎Goods with Time and Price Dependent Demand and Time Dependent Holding Cost Using the ABC Algorithm

  • Authors

    • Mohammed Abid Department of Mathematics, SRM Institute of Science and Technology, Delhi-NCR Campus, Ghaziabad, India
    • Ajay Singh Yadav Department of Mathematics, SRM Institute of Science and Technology, Delhi-NCR Campus, Ghaziabad, India
    • Bhavani Viswanathan Department of Library (Science and Humanities), SRM Institute of Science and Technology, Delhi-NCR Campus, Ghaziabad, India
    • Shivani Department of Mathematics, SRM Institute of Science and Technology, Delhi-NCR Campus, Ghaziabad, India
    https://doi.org/10.14419/vz3h5m62

    Received date: May 15, 2025

    Accepted date: May 24, 2025

    Published date: June 13, 2025

  • Inventory Model; Deteriorating Items; Time and Price Dependent Demand; Time-Dependent Holding Cost; Complete Backlogging; Artificial ‎Bee Colony Algorithm; Optimization; Sensitivity Analysis

  • Abstract

    This paper presents a single-warehouse inventory model for items subject to deterioration, where shortages are fully backlogged. The model ‎considers a demand rate that is dependent on both time and selling price, while the holding cost is assumed to be a linear function of time. ‎To enhance the practical applicability of the model, deterioration and shortage costs are also included in the total cost function. The main ‎objective is to minimize the total inventory cost by determining the optimal cycle length and selling price. The Artificial Bee Colony (ABC) ‎algorithm, a nature-inspired metaheuristic, is applied to efficiently solve the nonlinear optimization problem associated with the model. A ‎numerical example illustrates the effectiveness of the proposed approach, and a sensitivity analysis is conducted to examine the impact of ‎key parameters on the total cost. The results demonstrate that the ABC algorithm performs robustly under varying conditions and provides a ‎reliable tool for optimizing inventory decisions involving deteriorating items‎.

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  • How to Cite

    Abid , M. ., Yadav , A. S. ., Viswanathan, B. ., & Shivani. (2025). An Optimized Single Warehouse Inventory Model for Decaying ‎Goods with Time and Price Dependent Demand and Time Dependent Holding Cost Using the ABC Algorithm. International Journal of Basic and Applied Sciences, 14(2), 219-225. https://doi.org/10.14419/vz3h5m62