An Inventory Model of Deteriorating Items with Price Reduction Sale and Customers Waiting Time

2021 ◽

Vol 9 (12) ◽

pp. 296-302

Author(s):

Vikas Kumar

Keyword(s):

Waiting Time ◽

Simple Algorithm ◽

Inventory Model ◽

Deteriorating Items ◽

Partial Backlogging ◽

Numerical Examples ◽

Proposed Model ◽

Stock Dependent Demand ◽

Total Profit ◽

Dependent Demand

Abstract: In this paper, we formulate a deteriorating inventory model with stock-dependent demand Moreover, it is assumed that the shortages are allowed and partially backlogged, depending on the length of the waiting time for the next replenishment. The objective is to find the optimal replenishment to maximizing the total profit per unit time. We then provide a simple algorithm to find the optimal replenishment schedule for the proposed model. Finally, we use some numerical examples to illustrate the model. Keywords- Inventory, Deteriorating items, Stock dependent demand, Partial backlogging

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An Inventory Model for Deteriorating Items with Quantity Dependent Permissible Delay in Payment and Partial Backlogging of Shortage

Calcutta Statistical Association Bulletin ◽

10.1177/0008068320070308 ◽

2007 ◽

Vol 59 (3-4) ◽

pp. 239-252

Author(s):

Manisha Pal ◽

Sanjoy Kumar Ghosh

Keyword(s):

Waiting Time ◽

Fixed Time ◽

Inventory Model ◽

Deteriorating Items ◽

Partial Backlogging ◽

Single Item ◽

Credit Period ◽

Numerical Examples ◽

Time Period ◽

Permissible Delay In Payment

Abstract: In many inventory situations, instead of making immediate payment on receiving the consigument, the purchaser is allowed a certain fixed time period to pay for the goods bought. During this time the supplier charges no interest, but beyond this period interest is charged under the terms and condition agreed upon. As for the purchaser, he can earn interest on the revenue coolected during the credit period. This paper studies a single item inventory model for deteriorating items, when the permissible delay in payment depends on the ordered quantity and shortages are partially backlogged, assuming the backlogging rate to be inversely proportional to the waiting time for the next replenishment. An algorithm has been developed to find the optimal inventory policy. Numerical examples have been cited to illustrate the model. AMS (2000) Subject Classification: 90B05.

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An inventory model for deteriorating items with exponential declining demand and partial backlogging

Yugoslav journal of operations research ◽

10.2298/yjor0502277o ◽

2005 ◽

Vol 15 (2) ◽

pp. 277-288 ◽

Cited By ~ 31

Author(s):

Liang-Yuh Ouyang ◽

Kun-Shan Wu ◽

Mei-Chuan Cheng

Keyword(s):

Mathematical Model ◽

Sensitivity Analysis ◽

Cost Function ◽

Waiting Time ◽

Optimal Solution ◽

Inventory Model ◽

Deteriorating Items ◽

Partial Backlogging ◽

Numerical Example ◽

Declining Demand

This study proposes an EOQ inventory mathematical model for deteriorating items with exponentially decreasing demand. In the model, the shortages are allowed and partially backordered. The backlogging rate is variable and dependent on the waiting time for the next replenishment. Further, we show that the minimized objective cost function is jointly convex and derive the optimal solution. A numerical example is presented to illustrate the model and the sensitivity analysis is also studied.

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