Application of Mathematica in Economic Order Quantity Model with Weibull Deterioration Distribution, Time-Varying Demand and Shortages

An economic order quantity model for deteriorating items with time-varying demand and Weibull deterioration distribution. The shortages are allowed and backlogged completely. The inventory model is developed over a fixed inventory cycle and the optimal replenishment policy is derived by minimizing the total inventory cost. The inventory problem in general cannot be solved in an explicit form. Hence, we solve the problem with the help of Mathematica, which can perform the symbolic as well as the numerical calculation. Two numerical examples are presented to illustrate the inventory model. The results have shown that Mathematica is suitable for finding the optimal solution of the inventory problem.