Optimal process mean, specification limits, replenishment cycle time, and credit period for the buyer-seller model with specified capability value

2021 ◽  
pp. 1-10
Author(s):  
Chung-Ho Chen ◽  
Chao-Yu Chou
Keyword(s):  
Cycle Time ◽  
Optimal Process ◽  
Process Mean ◽  
Specification Limits ◽  
Credit Period ◽  
Replenishment Cycle

Retailer’s Ordering and Discounting Policies Under Advance Sales Discount and Trade Credit Based on Sharia

2012 ◽  
Vol 59 (2) ◽  
Author(s):  
Chairul Saleh ◽  
Achmad Chairdino Leuveano ◽  
Reny Lagaida ◽  
Md. Razali Muhammad
Keyword(s):  
Mathematical Model ◽  
Cycle Time ◽  
Trade Credit ◽  
Price Discount ◽  
Inventory Cost ◽  
Conventional Model ◽  
Credit Period ◽  
Model Based ◽  
Advance Sales ◽  
Replenishment Cycle

The use of conventional model to minimize the inventory cost creates a disturbance between the sellers and buyers. It creates a usury since the payment conducts to interest paid and interest earned. In this paper, sharia principle is implemented, that is Bai Al Istishna which allows credit period and margin agreement as the payment. The model is engaged to replenishment cycle time and price discount policy to attract the customer’s demand which based on sharia principle. This paper provides a useful mathematical model based on sharia principles in order to usury/interest can be eliminated in the trading process.

Retailer’s Pricing and Lot Sizing Policy for Non Deteriorating Items with Constant Demand Rate Under the Condition of Permissible Delay in Payments

2012 ◽  
Vol 3 (1) ◽  
pp. 74-84
Author(s):  
R. P. Tripathi ◽  
S. S. Misra
Keyword(s):  
Cycle Time ◽  
Lot Sizing ◽  
Deteriorating Items ◽  
Lot Size ◽  
Credit Period ◽  
Eoq Model ◽  
Develop Algorithm ◽  
Net Profit ◽  
Demand Rate ◽  
Delay In Payments

This study develops an EOQ model for retailer’s price and lot size simultaneously when the supplier permits delay in payments for an order of a product whose demand rate is a constant price elastic function for non-deteriorating items. In this study, mathematical models have been discussed under two different situations, i.e., case I: The credit period is less than or equal to cycle time for setting the account; and case II: The credit period is greater than the cycle time for setting the account. Expressions for an inventory system’s net profit are derived for these two cases. The authors develop algorithm for a retailer to determine its optimal price and lot size simultaneously, when supplier offers a permissible in payments.

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