Abstract

The COVID-19 pandemic has profoundly disrupted daily life, causing significant difficulties for people worldwide. Amid the crisis, the rates of deterioration and inflation for essential goods, such as medicines, have surged. In response, this study investigates production inventory models that incorporate inflation effects and leverage preservation technology to manage deteriorating goods, where demand is influenced by price and stock levels. The model’s effectiveness is demonstrated through numerical analysis conducted using MATHEMATICA 12.0. Sensitivity analysis are performed by varying one parameter at a time while keeping others constant, providing insights into the model’s robustness. The findings indicate that the model is robust for real-world applications, particularly in managing inventory during crisis situations like the COVID-19 pandemic. The inclusion of inflation and preservation technology considerations allows for more accurate and cost-effective inventory management. The paper concludes with a discussion on potential future research directions, highlighting areas for further exploration and model enhancement.

Author: Ravish Kumar Yadav, Mandeep Singh, SR Singh, Dipti Singh

Received on: April, 2024

Accepted on: April, 2025