Economic Order Quantity (EOQ) for Perishable Goods with Weibull Distribution and Exponential Demand Rate Proportional to Price

Business organizations that deal with consumable and perishable items have consistently incurred enormous loss as a result of the nature their goods. The losses direct negative impact on revenues. Unplanned lack precise production prediction models are responsible for this. An appropriate model, developed to guide plan processes will help manufacturers in deciding which product make what quantity. In this study, Economic Order Quantity (EOQ) goods Weibull lifetime distribution exponential demand rate proportional price was differential equations governing instantaneous state inventory interval [0, t2] were obtained solved equation quantity at time t. Using fixed parameters weibull distributions, simulation study conducted derived EOQ model using R programming language. shows increases increase parameter. Real data six loafs bread from Afe Babalola University bakery used illustrate how works. Result good fit average ranges 60 400 ordering times either 1 or two days interval. pattern varies between type bread. is shown by be price.