AN IMPERFECT PRODUCTION AND TRADE CREDIT INVENTORY MODEL WITH TIME VARYING DEMAND, REPAIR AND CONSTANT PRODUCTION RATES UNDER INFLATIONARY CONDITIONS

ABSTRACT This paper formulated the impact of an inventory model for imperfect manufacturing process. Demand rate and repair rate are exponentially function of time. Production rate is constant and collection rate are depending on demand. Due to the demand, they are also function of time. Model is developed to minimize the total inventory cost by considering only one type of raw material and by using permissible delay in payments under inflationary environment. Numerical example are used to find the analytical result. Sensitivity analysis is used to fulfil the effect of distinct parameter on the optimal policy