An optimal ordering policy for deteriorating items with partial backlogging and time varying selling price and purchasing cost under inflation

2018 ◽  
Vol 31 (3) ◽  
pp. 403
Author(s):  
Hui Ling Yang
Keyword(s):  
Deteriorating Items ◽  
Selling Price ◽  
Time Varying ◽  
Partial Backlogging ◽  
Purchasing Cost ◽  
Ordering Policy ◽  
Optimal Ordering Policy ◽  
Optimal Ordering

Dynamic Pricing and Ordering Policy for Non-Instantaneous Deteriorating Items

2012 ◽  
Vol 433-440 ◽  
pp. 6607-6615
Author(s):  
Reza Maihami ◽  
Isa Nakhai Kamal Abadi
Keyword(s):  
Dynamic Pricing ◽  
Optimal Solution ◽  
Simple Algorithm ◽  
Concave Function ◽  
Deteriorating Items ◽  
Selling Price ◽  
Ordering Policy ◽  
Total Profit ◽  
Optimal Ordering Policy ◽  
Optimal Ordering

In this paper, dynamic pricing and ordering policy for non-instantaneous deteriorating items is developed. Shortage is allowed and partially backlogged where as the backlogging rate is variable and dependent on the waiting time for the next replenishment. The major objective is to determine the optimal selling price and the optimal ordering policy simultaneously such that, the total profit is maximized. We first show that for any given selling price, optimal ordering policy schedule exists and unique. Then, we show that the total profit is a concave function of price. Next, we present a simple algorithm to find the optimal solution. Finally, we solve a numerical example to illustrate the solution procedure and the algorithm.

Formulation of an optimal ordering policy with generalised time-dependent demand, quadratic holding cost and partial backlogging

2021 ◽  
Vol 42 (5) ◽  
pp. 1163-1179
Author(s):  
Prachi Swain ◽  
Chittaranjan Mallick ◽  
Trailokyanath Singh ◽  
Pandit Jagatananda Mishra ◽  
Hadibandhu Pattanayak
Keyword(s):  
Time Dependent ◽  
Partial Backlogging ◽  
Ordering Policy ◽  
Holding Cost ◽  
Optimal Ordering Policy ◽  
Optimal Ordering ◽  
Dependent Demand

scholarly journals Integrated Inventory Model for Deteriorating Items with Price-Dependent Demand under Quantity-Dependent Trade Credit

2013 ◽  
Vol 2013 ◽  
pp. 1-8 ◽  
Author(s):  
Karuppuchamy Annadurai
Keyword(s):  
Trade Credit ◽  
Optimal Solution ◽  
Inventory Model ◽  
Selling Price ◽  
Business Decision ◽  
Integrated Inventory Model ◽  
Ordering Policy ◽  
Integrated Inventory ◽  
Optimal Ordering Policy ◽  
Optimal Ordering

This paper explores an integrated inventory model when the deterioration rate follows exponential distribution under trade credit. Here, it is assumed that demand rate is a function of selling price and the permissible delay in payment depends on the order quantity. In the model shortages are completely backlogged. The maximization of the total profit per unit of time is taken as the objective function to study the retailer’s optimal ordering policy. This paper also presents a practical application example where the proposed inventory model is utilized to support business decision making. Particularly, the model developed in the paper could be useful in the area of supply chain management. Finally, sensitivity analysis of the optimal solution with respect to major parameters is carried out. Our result illustrates that this model can be quite useful in determining the optimal ordering policy when the trade credit period is being analyzed.

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