Kumar Rohit
Sujoy Bhattacharya
Kalyan Kumar Guin
Abstract
It has been inferred in this study that how the demand rate function gets significantly altered depending on the inventory or stock levels exploring the utility of stock-dependent demand rate function (demand rate function that depends on the inventory/stock level) within the supply chain network. This study will review the stock-dependency attribute of demand rate function in support of a continuous and deterministic inventory system in which the demand rate function for an item is of a polynomial functional form to be dependent on stock or inventory level. The stock-dependency attribute of demand rate function will be studied with the perspective taking into account that how the demand rates are being modelled and alter under the effects of various functional variables or parametershased on its applicability by reviewing through the literature support. The gaps identified through the said review will construct a framework towards the formulation of an optimal ordering policy for the consumer goods in anticipation to overall cost reduction and profitability profitability of the firm as the objective functions.
Keywords- Demand Rate, Inventory/Stock levels, Stock-dependency, Stock-dependent Demand Rate Function