Pricing and Replenishment Policies for Imperfect Quality Deteriorating Items Under Inflation and Permissible Delay in Payments

2011 ◽  
Vol 2 (2) ◽  
pp. 20-35 ◽  
Author(s):  
Chandra K. Jaggi ◽  
Satish K. Goel ◽  
Mandeep Mittal
Keyword(s):  
Planning Horizon ◽  
Deteriorating Items ◽  
Sensitivity Analyses ◽  
Selling Price ◽  
Discounted Cash Flow ◽  
Permissible Delay In Payments ◽  
Demand Rate ◽  
Delay In Payments ◽  
Almost All ◽  
The Impact

Usually it is assumed that all items in a lot are of good quality, but in reality this assumption may not always be pertinent. Thus, the inspection of lots becomes essential in almost all organizations. Moreover, its role becomes more vital when the items are deteriorating in nature. Owing to this fact, this paper investigates the impact of initial inspection on retailer’s pricing and ordering policy for deteriorating items under inflation and permissible delay in payments using discounted cash flow approach over a finite planning horizon. Demand rate is assumed to be a function of selling price. The proposed model jointly optimizes the number of replenishments and price by maximizing the retailer’s total profit. Results have been demonstrated with the help of a numerical example, and sensitivity analyses are also presented to provide managerial insights into practice.

Pricing and Replenishment Policies for Imperfect Quality Deteriorating Items under Inflation and Permissible Delay in Payments

2012 ◽  
pp. 170-185
Author(s):  
Chandra K. Jaggi ◽  
Satish K. Goel ◽  
Mandeep Mittal
Keyword(s):  
Planning Horizon ◽  
Deteriorating Items ◽  
Sensitivity Analyses ◽  
Selling Price ◽  
Discounted Cash Flow ◽  
Permissible Delay In Payments ◽  
Ordering Policy ◽  
Demand Rate ◽  
Delay In Payments ◽  
Almost All

Usually it is assumed that all items in a lot are of good quality, but in reality this assumption may not always be pertinent. Thus, the inspection of lots becomes essential in almost all organizations. Moreover, its role becomes more vital when the items are deteriorating in nature. Owing to this fact, this paper investigates the impact of initial inspection on retailer’s pricing and ordering policy for deteriorating items under inflation and permissible delay in payments using discounted cash flow approach over a finite planning horizon. Demand rate is assumed to be a function of selling price. The proposed model jointly optimizes the number of replenishments and price by maximizing the retailer’s total profit. Results have been demonstrated with the help of a numerical example, and sensitivity analyses are also presented to provide managerial insights into practice.

Retailer Ordering Policy for Deteriorating Items with Initial Inspection and Allowable Shortage Under the Condition of Permissible Delay in Payments

2012 ◽  
Vol 1 (1) ◽  
pp. 64-79 ◽  
Author(s):  
Chandra K. Jaggi ◽  
Mandeep Mittal
Keyword(s):  
Inventory Model ◽  
Inventory System ◽  
Deteriorating Items ◽  
Permissible Delay In Payments ◽  
Numerical Example ◽  
Ordering Policy ◽  
Delay In Payments ◽  
The Impact ◽  
Single Commodity

While developing the inventory model with shortages under permissible delay in payments, it has been observed in the literature, the researchers have not considered the fact that the retailer can earn interest on the revenue generated after fulfilling the outstanding demand as soon as he receives the new consignment at the start of the cycle. Owing to this fact, the present paper investigates the impact of interest earned from revenue generated after fulfilling the stock out at the start of the cycle on a single commodity inventory model with shortages for deteriorating item, in which the whole lot goes through an inspection on arrival before entering into inventory system, under the conditions of permissible delay in payments. The results have been demonstrated with the help of a numerical example using the tools of Matlab7.0.1.

Ordering Policy for Imperfect-Quality Deteriorating Items with Initial-Inspection and Allowable Shortage under the Condition of Permissible Delay in Payments

2014 ◽  
pp. 65-80
Author(s):  
Chandra K. Jaggi ◽  
Mandeep Mittal
Keyword(s):  
Inventory Model ◽  
Inventory System ◽  
Deteriorating Items ◽  
Defective Items ◽  
Permissible Delay In Payments ◽  
Imperfect Quality ◽  
Ordering Policy ◽  
Inspection Process ◽  
Delay In Payments ◽  
The Impact

While developing the inventory model with shortages under permissible delay in payments, it has been observed in the literature that the researchers have not considered the fact that the retailer can earn interest on the revenue generated after fulfilling the outstanding demand as soon as he receives the new consignment at the start of the cycle. Owing to this fact, the present study investigates the impact of interest earned from revenue generated after fulfilling the stock out at the start of the cycle on a single commodity inventory model with shortages for deteriorating item, in which the whole lot goes through an inspection process on arrival before entering into inventory system, under the conditions of permissible delay in payments. After inspection, the non-defective items are retained to fulfill the demand and the defective items are returned to the supplier. The results have been demonstrated with the help of a numerical example using the tools of Matlab7.0.1.

Optimal trade credit and replenishment policies for non-instantaneous deteriorating items

2020 ◽  
Vol 54 (6) ◽  
pp. 1793-1826
Author(s):  
Anuj Kumar Sharma ◽  
Sunil Tiwari ◽  
V.S.S. Yadavalli ◽  
Chandra K. Jaggi
Keyword(s):  
Solution Method ◽  
Trade Credit ◽  
Optimal Solution ◽  
Inventory Model ◽  
Deteriorating Items ◽  
Selling Price ◽  
Credit Policy ◽  
Demand Rate ◽  
Fuzzy Inventory ◽  
The Impact

The present study presents a fuzzy inventory model for non-instantaneous deteriorating items under conditions of permissible delay in payments. In the current paper, we incorporate the condition in which, the supplier accepts the partial payment at the end of the credit period and the reaming amount after that period under the term and condition. Here, the demand rate is a function of the selling price. Also, it is assumed that shortages are allowed and are fully backlogged. The present paper also considers that the interest earned (IE) on the fixed deposit amount, i.e., revenue generated by fulfilling the shortage, balance amount, after settling the account is higher than that of usual interest rate (Ie). Hence, the objective of this study is to determine the retailer’s optimal policies that maximize the total profit. Also, some theoretical results are obtained, which shows that the optimal solution not only exists, it is unique also. The impact of the new proposed credit policy is investigated on the optimality of the solution for the non-instantaneous deteriorating products. The validation of the proposed model and its solution method is demonstrated through the numerical example. The results indicate that the inventory model, along with the solution method, provides a powerful tool to the retail managers under real-world situations. Results demonstrate that it is essential for the managers to consider the inclusion of new proposed credit policy significantly increases the net annual profit.

ACOUSTIC PANEL CHICKEN FEATHER WASTE ENVIRONMENTALLY FRIENDLY

2020 ◽  
Author(s):  
Ansarullah ◽  
Ramli Rahim ◽  
Baharuddin Hamzah ◽  
Asniawaty Kusno ◽  
Muhammad Tayeb
Keyword(s):  
Animal Feed ◽  
Environmentally Friendly ◽  
Selling Price ◽  
Chicken Feather ◽  
Chicken Feathers ◽  
The Road ◽  
Feather Waste ◽  
Chicken Feather Waste ◽  
Almost All ◽  
The Impact

Chicken feathers are the result of waste from slaughterhouses and billions ofkilograms of waste produced by various kinds of poultry processing. This hal is a veryserious problem for the environment because it causes the impact of pollution. Hasmany utilization of chicken feather waste such as making komocen, accessories,upholstery materials, making brackets to the manufacture of animal feed but from theresults of this activity cannot reduce the production of chicken feathers that hiscontinuously increase every year. This is due to the fact that the selling price of chickenmeat has been reached by consumers with middle to upper economic levels. This caneasily be a chicken menu in almost all restaurants and restaurants to the food stalls onthe side of the road. An alternative way of utilizing chicken feathers is to makecomposite materials in the form of panels. Recent studies have shown that the pvacmaterial can be utilized as a mixing and adhesive material with mashed or groundfeathered composites to form a panel that can later be used as an acoustic material.The test results show that the absorption of chicken feathers and pvac glue into panelscan absorb sound well with an absorption coefficient of 0.59, light. This result is veryeconomical so it is worth to be recommended as an acoustic material. Apart from theresults of research methods carried out is one of the environmentally friendly activitiesin particular the handling of waste problems

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