In fact, in practice, assumption of constant demand is not always observed for items like festival products,
seasonal items, fashionable garments, etc. This encourages researchers to develop mathematical deteriorating
inventory model with time dependent demand. In growth phase of life cycle, demand of some products increases
with time, whereas, demand of many products decreases with time in the decline phase of cycle due to
introduction of competitive product with more attractive features. Hence, researchers developed inventory
model considering either time dependent increasing or decreasing demand. Dave et al. (1981) derived the
deteriorating inventory model with time proportional linear trended demand. Hollier et al. (1983) were first to
develop deteriorating inventory model with exponentially decreasing demand. Hariga et al. (1994) presented
Hollier’s model considering exponentially increasing and decreasing demand. Later, Wee (1995b) presented
deteriorating inventory model with exponentially decreasing demand. Su et al. (1999) developed a production
inventory model with exponentially decreasing demand for deteriorating item.