scholarly journals Effect of advance payment on an inventory model for a deteriorating item considering expiration time of product, restricted shelf space and age dependent selling price with discount facility

2022 ◽  
Keyword(s):  
Inventory Model ◽  
Selling Price ◽  
Shelf Space ◽  
Advance Payment ◽  
Age Dependent ◽  
Expiration Time

Two-warehouse inventory model for deteriorating items with partial backlogging and advance payment scheme

2019 ◽  
Vol 53 (5) ◽  
pp. 1691-1708 ◽  
Author(s):  
Md. Al-Amin Khan ◽  
Ali Akbar Shaikh ◽  
Gobinda Chandra Panda ◽  
Ioannis Konstantaras
Keyword(s):  
Great Influence ◽  
Inventory Model ◽  
Inventory System ◽  
Deteriorating Items ◽  
Optimal Decision ◽  
Selling Price ◽  
Partial Backlogging ◽  
Payment Scheme ◽  
Numerical Result ◽  
Advance Payment

Advance payment has a great influence on making the optimal decision in an inventory system. Two-warehouse inventory system is another imperative factor in inventory analysis. Due to competitive marketing situation, the position of a warehouse performs a significant role in business strategy. Generally, retailers want to find a shop in a popular marketing place. So, they need an additional store room due to insufficient space in a popular marketplace. Also, we have considered the advance payment scheme which is made by equal installment up to n times before receiving the products. Using all of these concepts in together, we have developed a two-warehouse inventory model for deteriorating items with advanced payment scheme. Shortages are allowed with a constant partial backlogging rate. Demand of the product is dependent on selling price. We have presented this physical problem in mathematically and solved. Also, we proved the optimality mathematically as well as graphically and proposed one theorem in order to show the optimality in theoretically. We have supplied a numerical example to illustrate the proposed inventory model. To validate the numerical result of the proposed model, we have plotted 2D and 3D graphs by using MATLAB and observed these satisfy the numerical result. Finally, we have performed sensitivity analysis changing one parameter and keeping others the same.

scholarly journals Multi-item fuzzy inventory problem with space constraint via geometric programming method

2006 ◽  
Vol 16 (1) ◽  
pp. 55-66 ◽  
Author(s):  
Kumar Mandal ◽  
Kumar Roy ◽  
Manoranjan Maiti
Keyword(s):  
Space Constraint ◽  
Geometric Programming ◽  
Profit Maximization ◽  
Inventory Model ◽  
Programming Method ◽  
Unit Price ◽  
Selling Price ◽  
Inventory Problem ◽  
Set Up ◽  
Fuzzy Inventory

In this paper, a multi-item inventory model with space constraint is developed in both crisp and fuzzy environment. A profit maximization inventory model is proposed here to determine the optimal values of demands and order levels of a product. Selling price and unit price are assumed to be demand-dependent and holding and set-up costs sock dependent. Total profit and warehouse space are considered to be vague and imprecise. The impreciseness in the above objective and constraint goals has been expressed by fuzzy linear membership functions. The problem is then solved using modified geometric programming method. Sensitivity analysis is also presented here.

An inventory model of a three parameter Weibull distributed deteriorating item with variable demand dependent on price and frequency of advertisement under trade credit

2019 ◽  
Vol 53 (3) ◽  
pp. 903-916 ◽  
Author(s):  
Ali Akbar Shaikh ◽  
Leopoldo Eduardo Cárdenas–Barrón ◽  
Asoke Kumar Bhunia ◽  
Sunil Tiwari
Keyword(s):  
Trade Credit ◽  
Inventory Model ◽  
Selling Price ◽  
Credit Policy ◽  
Variable Demand ◽  
Reduced Gradient Method ◽  
Deterioration Rate ◽  
Rate Dependent ◽  
Reduced Gradient ◽  
Generalized Reduced Gradient

This paper develops an inventory model for a deteriorating item with variable demand dependent on the selling price and frequency of advertisement of the item under the financial trade credit policy. Shortages are allowed and these are partially backlogged with a variable rate dependent on the duration of waiting time until to the arrival of next order. In this inventory model, the deterioration rate follows a three-parameter Weibull distribution. The corresponding inventory model is formulated and solved by using the well-known generalized reduced gradient method along with an algorithm. To validate the inventory model, two numerical examples are considered and solved. Finally, based on one numerical example, the impacts of different parameters are studied by a sensitivity analysis considering one parameter at a time and leaving the other parameters fixed.

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