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This paper presents a sophisticated modification of the economic production quantity (EPQ) model. It incorporates Weibull-distributed progressive deterioration, dynamic holding costs, variable demand, and strong strategies for effectively handling shortages and backlogs. Targeting products that have a short-term expiration but can still be stored for a long time without significant deterioration, the model aims to increase production quantities while lowering overall variable expenses. The extended EPQ model utilizes Maclaurin series approximations to solve ordinary differential equations, effectively capturing the dynamics of inventory under three different demand patterns. The focus of this handle’s situations when the demand for a product changes in a predictable manner over time and considers the likelihood of defective goods during the manufacturing process. This approach provides useful insights for optimizing inventory management and production planning in the manufacturing of goods that are used up or consumed. The usefulness of the model is confirmed in the study through the use of two illustrative instances. Additionally, sensitivity analysis is utilized to suggest potential areas for additional investigation.
Atma Nand (Fri,) studied this question.