scholarly journals A Sustainable Inventory Model with Imperfect Products, Deterioration, and Controllable Emissions

Mathematics ◽  
2020 ◽  
Vol 8 (11) ◽  
pp. 2049
Author(s):  
Abu Hashan Md Mashud ◽  
Dipa Roy ◽  
Yosef Daryanto ◽  
Mohd Helmi Ali
Keyword(s):  
Product Quality ◽  
Co2 Reduction ◽  
Green Technology ◽  
Selling Price ◽  
Defective Items ◽  
Technology Investment ◽  
Deterioration Rate ◽  
Preservation Technology ◽  
Holding Cost ◽  
Carbon Dioxide Co2

Maintaining product quality and environmental performance are emerging concerns in modern competitive and transparent businesses. Many retailers separate perfect products from imperfect ones to ensure product quality and endeavor to achieve carbon dioxide (CO2) reduction through green technology investments and sustainable inventory planning. Product deterioration often badly hampers the retailing business; hence, suitable preservation technologies are used. In this study, we examined the optimization model of the selling price, investment, and replenishment planning to maximize the total profit. The proposed model considered the effect of a greater deterioration rate and discount price of imperfect products. Due to the high uncertainty in demand, a realistic holding cost was deliberated with a variable and constant part. Every time the retailer transports purchased items, greenhouse gases (GHGs), including CO2, are produced. Government regulations on CO2 minimization and customer awareness for greener products stimulate retailers to invest in energy-efficient green technology. This study simultaneously showed a harmonious relationship among the attributes of preservation technology, green technology investment, and discounts on defective items. Theoretical derivations were performed with numerical analysis.

Optimal Policies for Price Sensitive Quadratic Demand with Preservation Technology Investment Under Inflationary Environment

2019 ◽  
Vol 18 (02) ◽  
pp. 325-337
Author(s):  
Azharuddin Shaikh ◽  
Poonam Mishra
Keyword(s):  
Selling Price ◽  
Defective Items ◽  
Technology Investment ◽  
Eoq Model ◽  
Preservation Technology ◽  
Realistic Situation ◽  
Suitable Amount ◽  
Total Profit ◽  
Quality Check ◽  
Preservation Technology Investment

The proposed EOQ model is a genuine attempt to manage retailer’s inventory when retailer’s stock is comprised of defective as well as constantly deteriorating items. Defective items in inventory are managed by selling them at discounted rate after a quality check process. Deterioration of items is controlled by investing suitable amount in preservation technology. The study assumes price sensitive quadratic demand incorporating the effect of inflation leading to a realistic situation. The objective of this paper is to maximize the retailer’s total profit with respect to cycle time, selling price, and preservation technology investment. Numerical examples are given to validate the model, and sensitivity analysis of inventory parameters is done to understand their effect. The outcome of this paper is applicable to goods like utility vehicles, stationary items, Fashion accessories, Cloths, Footwears, etc.

Non-instantaneous deteriorating inventory model under the joined effect of trade-credit, preservation technology and advertisement policy

Kybernetes ◽  
2019 ◽  
Vol 49 (6) ◽  
pp. 1645-1674 ◽  
Author(s):  
Abu Hashan Md Mashud ◽  
Md. Rakibul Hasan ◽  
Hui Ming Wee ◽  
Yosef Daryanto
Keyword(s):  
Trade Credit ◽  
Optimization Technique ◽  
Inventory Model ◽  
Sensitivity Analyses ◽  
Selling Price ◽  
Content Type ◽  
Technology Investment ◽  
Deterioration Rate ◽  
Preservation Technology ◽  
Preservation Technology Investment

Purpose This paper aims to simultaneously consider an inventory model with price and advertisement dependent demand, non-instantaneous deterioration rate with preservation technology investment, partially backlogged shortages and trade credit. Design/methodology/approach This model considered a non-instantaneous deterioration, which starts after a certain storage period with a constant rate. The proposed model focused on two things. The first one is to reduce the deterioration rate by preservation technology investment, and the second one is using an appropriate trade credit period to maximize the total profit. The classical optimization technique is used to solve the problem. Findings The authors found that trade credit, advertising cost, preservation technology affect the total cost and selling price is one of the most important decision variables affecting the model. Practical implications This study provides a reference for a manufacturer and a retailer on making inventory decisions under different pricing, advertisement expense, preservation technology investment and credit strategies. Four cases are presented to illustrate the inventory model. Sensitivity analyses are performed to gain managerial insights for decision-making. Originality/value The study simultaneously considers a non-instantaneous deterioration inventory model, trade-credit, and preservation technology and advertisement policy. From our literature search, no researcher has undergone this type of study.

scholarly journals Preservation technology investment, trade credit and partial backordering model for a non-instantaneous deteriorating inventory

2019 ◽  
Author(s):  
Abu Hashan Md Mashud ◽  
H.M. Wee ◽  
Chiao-Ven Huang
Keyword(s):  
Trade Credit ◽  
Selling Price ◽  
Inventory Theory ◽  
Technology Investment ◽  
Managerial Decisions ◽  
Deterioration Rate ◽  
Preservation Technology ◽  
Partial Backordering ◽  
Credit Financing ◽  
Competitive Pricing

In a perfectly transparent and competitive market, suppliers must provide a competitive pricing and service for their customers. The aim of this study is to provide an insight into how preservation technology and credit financing could be used both to reduce the deterioration rate as well as to provide flexible financing for retailers. The methodology is to optimize the cycle length, selling price, the amount of preservation technology and credit financing using inventory theory. The result derived is an optimal total profit per unit time for the system. Finally, using MATLAB 2017a, it is shown graphically that the profit function is concave. The sensitivity analysis is illustrated using Lingo 17. The study not only provides insights to business managers in making wise managerial decisions, it also enables them to weigh the pro and con of implementing preservation technology and credit financing.

scholarly journals A Fuzzy EPQ Model for Non-Instantaneous Deteriorating Items where Production Depends on Demand which is Proportional to Population, Selling Price as well as Advertisement

2019 ◽  
Vol 10 (5) ◽  
pp. 1679 ◽  
Author(s):  
Abhishek Kanti Biswas ◽  
Sahidul Islam
Keyword(s):  
Optimal Solution ◽  
Inventory Level ◽  
Selling Price ◽  
Distance Method ◽  
Defective Items ◽  
Holding Cost ◽  
Epq Model ◽  
Optimal Inventory Level ◽  
Cost Parameters ◽  
Total Average

The inventory system has been drawing more intrigue because this system deals with the decision that minimizes the total average cost or maximizes the total average profit. For any farm, the demand for any items depends upon population, selling price and frequency of advertisement etc. Most of the model, it is assumed that deterioration of any item in inventory starts from the beginning of their production. But in reality, many goods are maintaining their good quality or original condition for some time. So, price discount is availed for defective items. Our target is to calculate the total optimal cost and the optimal inventory level for this inventory model in a crisp and fuzzy environment. Here Holding cost taken as constant and no-shortages are allowed. The cost parameters are considered as Triangular Fuzzy Numbers and to defuzzify the model Signed Distance Method is applied. A numerical example of the optimal solution is given to clarify the model. The changes of different parameters effect on the optimal total cost are presented and sensitivity analysis is given.JEL Classification: C44, Y80, C61Mathematics Subject Classification: 90B05

scholarly journals Retailer’s Joint Ordering, Pricing, and Preservation Technology Investment Policies for a Deteriorating Item under Permissible Delay in Payments

2018 ◽  
Vol 2018 ◽  
pp. 1-14 ◽  
Author(s):  
Umakanta Mishra ◽  
Jacobo Tijerina-Aguilera ◽  
Sunil Tiwari ◽  
Leopoldo Eduardo Cárdenas-Barrón
Keyword(s):  
Trade Credit ◽  
Optimal Solution ◽  
Inventory Model ◽  
Selling Price ◽  
Permissible Delay In Payments ◽  
Investment Policies ◽  
Technology Investment ◽  
Preservation Technology ◽  
Preservation Technology Investment ◽  
Delay In Payments

This article develops an inventory model for deteriorating items with controllable deterioration rate (by using preservation technology) under trade credit policy. As in practical scenarios the demand of an item is directly associated with its selling price, keeping this in mind, it is assumed to be a price dependent demand. The main objective of the inventory model is to determine jointly the optimal ordering, pricing, and preservation technology investment policies for retailer so that the total profit is maximized. The effects of key parameters on optimal solution are studied through a sensitivity analysis with the aim of examining the behavior of the inventory model with controllable deterioration under the permissible delay in payments.

scholarly journals Optimal replenishment, pricing and preservation technology investment policies for non-instantaneous deteriorating items under two-level trade credit policy

2021 ◽  
Vol 0 (0) ◽  
pp. 0
Author(s):  
Chandan Mahato ◽  
Gour Chandra Mahata
Keyword(s):  
Trade Credit ◽  
Market Competition ◽  
Deteriorating Items ◽  
Credit Policy ◽  
Business World ◽  
Credit Period ◽  
Technology Investment ◽  
Deterioration Rate ◽  
Preservation Technology ◽  
Preservation Technology Investment

<p style='text-indent:20px;'>In the business world, both the supplier and the retailer accept the credit to make their business position strong, because the credit not only strengthens their business relationships but also increases the scale of their profits. In this paper, we consider an inventory model for non-instantaneous deteriorating items with price sensitive demand, time varying deterioration rate under two-level trade credit policy. Besides, to reduce deterioration rate, retailers invest some cost to prevent product degradation/decay, known as preservation technology, is also inserted. Consumption of such items within shelf life prevents to deterioration, which can be achieved by bulk sale. In order to stimulate the selling, trade-credit policy is also considered here. In the sequel, not only the supplier would offer fixed credit period to the retailer, but retailer also adopt the trade credit policy to the customers in order to promote the market competition. The retailer can accumulate revenue and interest after the customer pays for the amount of purchasing cost to the retailer until the end of the trade credit period offered by the supplier. The main objective is to determine the optimal replenishment, pricing and preservation technology investment strategies including whether or not invest in preservation technology and how much to invest in order to maximize the average profit of the system. It is proved that the optimal replenishment policy not only exists but is unique for any given selling price and preservation technology cost. An algorithm is presented to derive the optimal solutions of the model. Numerous theorems and lemmas have been inserted to obtain the optimal solution. Finally, numerical examples and managerial implications are incorporated to validate the proposed model.</p>

scholarly journals Controllable deterioration rate for time-dependent demand and time-varying holding cost

2014 ◽  
Vol 24 (1) ◽  
pp. 87-98 ◽  
Author(s):  
Vinod Mishra
Keyword(s):  
Linear Function ◽  
Inventory Model ◽  
Deteriorating Items ◽  
Inventory Cost ◽  
Deterioration Rate ◽  
Preservation Technology ◽  
Demand Rate ◽  
Holding Cost ◽  
Total Inventory ◽  
Dependent Demand

In this paper, we develop an inventory model for non-instantaneous deteriorating items under the consideration of the facts: deterioration rate can be controlled by using the preservation technology (PT) during deteriorating period, and holding cost and demand rate both are linear function of time, which was treated as constant in most of the deteriorating inventory models. So in this paper, we developed a deterministic inventory model for non-instantaneous deteriorating items in which both demand rate and holding cost are a linear function of time, deterioration rate is constant, backlogging rate is variable and depend on the length of the next replenishment, shortages are allowed and partially backlogged. The model is solved analytically by minimizing the total cost of the inventory system. The model can be applied to optimizing the total inventory cost of non-instantaneous deteriorating items inventory for the business enterprises, where the preservation technology is used to control the deterioration rate, and demand & holding cost both are a linear function of time.

scholarly journals Enhanced Photocatalytic CO2 Reduction over TiO2 Using Metalloporphyrin as the Cocatalyst

Catalysts ◽  
2020 ◽  
Vol 10 (6) ◽  
pp. 654
Author(s):  
Ziyi Wang ◽  
Wei Zhou ◽  
Xin Wang ◽  
Xueliang Zhang ◽  
Huayu Chen ◽  
...  
Keyword(s):  
Photocatalytic Activity ◽  
High Efficiency ◽  
Separation Efficiency ◽  
Co2 Reduction ◽  
Photogenerated Electron ◽  
Green Technology ◽  
Co2 Photoreduction ◽  
Metal Centers ◽  
Carbon Dioxide Co2 ◽  
Photoinduced Charge

The photocatalytic reduction of carbon dioxide (CO2) into CO and hydrocarbon fuels has been considered as an ideal green technology for solar-to-chemical energy conversion. The separation/transport of photoinduced charge carriers and adsorption/activation of CO2 molecules play crucial roles in photocatalytic activity. Herein, tetrakis (4-carboxyphenyl) porphyrin (H2TCPP) was incorporated with different metal atoms in the center of a conjugate macrocycle, forming the metalloporphyrins TCPP-M (M = Co, Ni, Cu). The as-obtained metalloporphyrin was loaded as a cocatalyst on commercial titania (P25) to form TCPP-M@P25 (M = Co, Ni, Cu) for enhanced CO2 photoreduction. Among all of the TCPP-M@P25 (M = Co, Ni, Cu), TCPP-Cu@P25 exhibited the highest evolution rates of CO (13.6 μmol⋅g−1⋅h−1) and CH4 (1.0 μmol⋅g−1⋅h−1), which were 35.8 times and 97.0 times those of bare P25, respectively. The enhanced photocatalytic activity could be attributed to the improved photogenerated electron-hole separation efficiency, as well as the increased adsorption/activation sites provided by the metal centers in TCPP-M (M = Co, Ni, Cu). Our study indicates that metalloporphyrin could be used as a high-efficiency cocatalyst to enhance CO2 photoreduction activity.

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