An EPQ inventory model with Weibull distribution, dynamic time-dependent holding cost under various demand pattern using Maclaurin series approximations

Abstract

Optimal Production Planning: The model identifies the ideal production quantity and cycle time to minimize costs and meet demand. Inventory Management Strategies: The study provides insights into inventory levels, shortages, and backlogging throughout the production process. Cost Optimization: The model helps managers balance various costs, including holding, deterioration, shortage, and defective item costs, to improve profitability.