Inventory Replenishment Policies for Two Successive Generations of Technology Products under Permissible Delay in Payments

In this age of digitalization, when every industry is undergoing technological disruption, there is a big role of digital gadgets and technology products. A key feature of these digital gadgets is the short length of the product life cycle, since the newer and more advanced generations of technologies are developed regularly to replace the earlier conventional technologies. The traditional EOQ models that assume a constant demand cannot be used here. This research paper formulates an inventory optimization model for the multi-generational products under the trade credits and the credit-linked and innovation diffusion dependent demand. The study also performs a numerical illustration of the proposed model, and establishes important dynamics among the key variables. It also performs the sensitivity analysis with the cost of credit and the trade credit period. The paper concludes with the managerial implications for the inventory practitioners and the possible areas of extension for this research in the future.

Delay in payment effects on productivity of small and medium construction companies in Oman: exploration and ranking

Maintaining a stable productivity rate in a construction project is a challenge. Many external and internal factors influence it. Delay in payment is one of the factors representing the project cash flow and mirrors the company’s financial stability status. This study explores the delay in payments effects on the construction productivity of the small and medium construction companies in Oman. Also, it ranks the delay in payment among other productivity factors. Sixty-five small and medium construction companies registered in Oman Tender Board participated in the questionnaire survey. The results showed that delay in payment significantly affects the financial stability of the companies. The delay in payment was ranked third out of 21 influencing productivity factors. The results were compared with a previous study that covered large construction companies in Oman. It was found that the rank of delay in payment in the small and medium construction is significantly higher than what was found in large companies.

A single-consignor multi-consignee multi-item model with permissible payment delay, delayed shipment and variable lead time under consignment stock policy

This article proposes a two-level fuzzy supply chain inventory model, in which a single consignor delivers multiple items to the multiple consignees with the consignment stock agreement. The lead time is incorporated into the model and is considered a variable for obtaining optimal replenishment decisions. In addition, crashing cost is employed to reduce the lead time duration. This article investigates four different cases under controllable lead time to analyze the best strategy, focusing on two delays such as delay-in-payments and delay-in-shipment. In all four cases, all associated inventory costs are treated as a trapezoidal fuzzy number, and a signed distance method is employed to defuzzify the fuzzy inventory cost. An efficient optimization technique is adopted to find the optimal solution for the supply chain. Four numerical experiments are conducted to illustrate the four cases. Any one of these experimental results will provide the best solution for the ideal performance of the business under controllable lead time in the consignment stock policy. Finally, the managerial insights, conclusion and future direction of this model are provided.

COVID-19 AND INFORMAL LABOUR IN CONSTRUCTION: A NARRATIVE ANALYSIS OF WEBINAR DISCUSSIONS

Many countries after a remarkable spike in COVID-19 cases, opted to lockdown and quarantine curfew that restricted the movement of people. Construction is one of the main sectors experiencing a clear impact due to COVID-19. As a significant growth driver of the economy, the domestic construction industry employs nearly one million of the population directly in various trades. Unfortunately, almost every project has been severely hampered. It is, therefore, prudent to address the impact of the pandemic on construction labour at the outset and end of the crisis to prepare for any future challenges or opportunities that it may undergo. This study aims to investigate the effect of COVID-19 on the construction industry's survival and possible measures to be taken in both the short and the long run. This paper summarizes using a narrative analysis of the key takeaways of 15 webinar discussions on the COVID-19 impact and outlook of the construction sector in Sri Lanka. The impacts and fallouts have been addressed by key industry personnel. The study found the most prominent impacts of COVID-19 are the suspension of projects, labour impact, and job loss, time overrun, cost overrun, and delay in payments. The findings of this study shed light on the consequences of the sudden occurrence of a pandemic and raise awareness of the most critical impacts which cannot be overlooked. The findings also help project stakeholders prepare for any future worst-case scenarios.

CLAIMS MANAGEMENT: UNDERLYING CAUSES IN MEGA-CONSTRUCTION PROJECTS

Construction claims remain unavoidable in any megaproject contractual relationship and can quickly escalate to misunderstandings, disputes and litigations if not appropriately managed. Disputes pose a significant risk in hindering project progress; they are characterised by lengthy legal battles that consume substantial time and financial resources. This study identifies the causes of claims encountered by clients, contractors and consultants in transport and energy sector mega construction projects in South Africa. A semi-systematic literature review was used to identify, select and appraise existing literature on this issue. Content analysis using NVivo 12 was used to identify factors causing claims in the construction sector, particularly in MCPs. Findings of the study revealed that construction projects occurring outside of South Africa experienced a delay in payments, time and cost overruns, change orders, inadequate project and drawing specifications, natural risks or force majeure. In South Africa, delays and cost overruns (due to insufficient experience and expertise of project managers and engineers) frequent to be the causes attributable to claims.

Supply chain coordination with trade credit and price discount with/without environmental considerations

For a supply chain coordination to be effective and profitable, it requires a working mechanism among its members to entice some players to join a partnership. Two of the well-known trade credits that are widely used by businesses are the permissible delay in payments and price discounts. This thesis presents models for coordinating supply chains with both trade credits. The first model investigates the effect of utilizing delay in payments in a two-level (manufacturer-retailer) supply chain. It modifies and analyzes three known models of different production and shipping policies to account for delays in payments; it then compares them and highlights the production policy that performed the best with the total system cost being the performance measure. The second model analyzes the coordination of a three-level (supplier-manufacturer- retailer) supply chain with the delay in payments. It analyzes nine different scenarios of permissible delay among the three players. A simulation study was performed and a thorough analysis of the results was used to identify the limitations of all scenarios and to draw some managerial insights and findings. The third model investigates the effect of coupling permissible delay in payments and price discounts for coordinating a three-level. The analysis considers nine different cases of delay-in-payments along with eight cases of price discounts among the three players in the supply chain, totaling seventy-two cases. The numerical examples and the sensitivity analyses show that the coupling of delay-in- payments and price discounts maximizes the supply chain profit more than when using a single mechanism at a time. The fourth model investigates a two-level supply chain by studying the effects of various scenarios for delay-in-payments when including some environmental costs such as fuel and emissions from manufacturing and transportation. The objective of the model is to optimize the environmental and the economic performance of the supply chain. The results show that delay-in-payments improves the economic and the environmental performance of a supply chain.

Supply chain coordination with trade credit and price discount with/without environmental considerations

For a supply chain coordination to be effective and profitable, it requires a working mechanism among its members to entice some players to join a partnership. Two of the well-known trade credits that are widely used by businesses are the permissible delay in payments and price discounts. This thesis presents models for coordinating supply chains with both trade credits. The first model investigates the effect of utilizing delay in payments in a two-level (manufacturer-retailer) supply chain. It modifies and analyzes three known models of different production and shipping policies to account for delays in payments; it then compares them and highlights the production policy that performed the best with the total system cost being the performance measure. The second model analyzes the coordination of a three-level (supplier-manufacturer- retailer) supply chain with the delay in payments. It analyzes nine different scenarios of permissible delay among the three players. A simulation study was performed and a thorough analysis of the results was used to identify the limitations of all scenarios and to draw some managerial insights and findings. The third model investigates the effect of coupling permissible delay in payments and price discounts for coordinating a three-level. The analysis considers nine different cases of delay-in-payments along with eight cases of price discounts among the three players in the supply chain, totaling seventy-two cases. The numerical examples and the sensitivity analyses show that the coupling of delay-in- payments and price discounts maximizes the supply chain profit more than when using a single mechanism at a time. The fourth model investigates a two-level supply chain by studying the effects of various scenarios for delay-in-payments when including some environmental costs such as fuel and emissions from manufacturing and transportation. The objective of the model is to optimize the environmental and the economic performance of the supply chain. The results show that delay-in-payments improves the economic and the environmental performance of a supply chain.