Inventory model with Weibull time-dependent demand rate and completely backlogged permissible delay in payments

This paper considers the economic order quantity (EOQ) model over a finite horizon, in which demand rate follows a two-parameter Weibull time-dependent, shortages are allowed and completely backlogged. Mathematical formulations are derived under two different circumstances i.e. case I: The permissible delay is less than or equal time to finish positive inventory for settling the account, and case II: The permissible delay period is greater than time to finish positive inventory for settling the account. Based on the optimal solutions some important results are derived and numerical examples are provided to validate the proposed model. Finally, sensitivity analysis is provided to analyze the effect of changes with the variation in one parameter at a time on the optimal solution.