An integrated vendor-buyer model with quadratic demand under inspection policy and preservation technology

Pervin, Magfura; Roy, Sankar Kumar; Weber, Gerhard

doi:10.15672/hujms.476056

Cited by 37 publications

(21 citation statements)

References 28 publications

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“…Researchers, such as Muniappan et al [26] developed an EOQ model with constant inflation and time-value of money by addressing time-dependent deteriorating rate. Pervin et al [32] formulated an integrated vendor-buyer model for deteriorating items including quadratic demand rate. Shaboni et al [39] developed an inventory model with fuzzy deterioration and fully backlogged shortages under inflation.…”

Section: (D)mentioning

confidence: 99%

Back-ordered inventory model with inflation in a cloudy-fuzzy environment

Barman¹,

Pervin²,

Roy³

et al. 2021

JIMO

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In this paper, an Economic Production Quantity model for deteriorating items with time-dependent demand and shortages including partially back-ordered is developed under a cloudy-fuzzy environment. At first, we develop a crisp model by considering linearly time-dependent demand with constant deterioration rate, constant inflation rate and shortages under partially back-ordered, then we fuzzify the model to archive a decision under the cloudy-fuzzy (extension of fuzziness) demand rate, inflation rate, deterioration rate and the partially back-ordered rate which are followed by their practical applications. In this model, we assume ambiances where cloudy normalized triangular fuzzy number is used to handle the uncertainty in information which is coming from the data. The main purpose of our study is to defuzzify the total inventory cost by applying Ranking Index method of fuzzy numbers as well as cloudy-fuzzy numbers and minimize the total inventory cost of crisp, fuzzy, and cloudy-fuzzy model. Finally, a comparative analysis among crisp, fuzzy and cloudy-fuzzy total cost is carried out in this paper. Numerical example, sensitivity analysis, and managerial insights are elaborated to justify the usefulness of the new approach. A comparative inquiry of the numerical result with a new existing paper is also carried out. This paper ends with a conclusion along with advantages and limitations of our solution approach, and an outlook towards possible future studies.

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Section: (D)mentioning

confidence: 99%

Back-ordered inventory model with inflation in a cloudy-fuzzy environment

Barman¹,

Pervin²,

Roy³

et al. 2021

JIMO

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“…Roy et al [27] inquired a two-warehouse probabilistic model with price discount on backorders under two levels of trade credit policy. Pervin et al [23] discussed an integrated vendor-buyer model with quadratic demand under inspection policy. In this paper, we consider default risk which is sensitive to credit period.…”

Section: Motivation and Review On Researchmentioning

confidence: 99%

Effect of price-sensitive demand and default risk on optimal credit period and cycle time for a deteriorating inventory model

Paul

Pervin²,

Roy

et al. 2021

RAIRO-Oper. Res.

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In this paper, we formulate and solve an economic order quantity model with default risk. Our main purpose is to investigate retailer's optimal replenishment time and credit period for deteriorating items under selling price-dependent demand while maximizing profit per unit time. Here, shortages are allowed and items are partially backlogged for interested customers. We show that optimal replenishment time and credit period not only exist but they are also unique. We solve the proposed problem analytically. An algorithm is presented to derive the optimal solution of the model. The mathematical model is evaluated by numerical examples. We use Mathematica to obtain a global maximum solution to the optimal cycle time and the optimal credit period for the proposed model. A sensitivity analysis with respect to major parameters is performed in order to examine the stability of our model. At the end of the paper, conclusions are drawn and an outlook of possible future directions is depicted.

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“…Roy et al (2020) study a deteriorating inventory model with defective products and variable demand. Pervin et al (2020) consider an integrated vendor-buyer model for deteriorating items in which demand is a quadratic increasing function of time.…”

Section: Previous Researchmentioning

confidence: 99%

Seasonal Inventory Management Model for Raw Materials in Steel Industry

Kawakami

Kobayashi

Nakata

2021

INFORMS Journal on Applied Analytics

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We developed a seasonal inventory management model for raw materials, such as iron ore and coal, for multiple suppliers and multiple mills. The Nippon Steel Corporation imports more than 100 million tons of raw material annually by vessels from Australia, Brazil, Canada, and other countries. Once these raw materials arrive in Japan, they are transported to domestic mills and stored in yards before being treated in a blast furnace. A critical problem currently facing the industry is the limited capacity of the yards, which leads to high demurrage costs while ships wait for space to open up in the yards before they can unload. To reduce the demurrage costs, the inventory levels of the raw materials must be kept as low as possible. However, inventory levels that are too low may lead to inventory shortage resulting from seasonal supply disruptions (e.g., a cyclone in Australia) that delay the supply of raw materials. Because both excess and depleted inventory levels lead to increased costs, optimal inventory levels must be determined. To solve this problem, we developed an inventory management model that considers variations on the supply side, differences that should be observable upon looking at the ship operations. The concept is to model the probability distribution of ship arrival intervals by brand groups and mills. We divided ship operations into two stages: arrival at all mills (in Japan) and arrival at individual mills. We modeled the former as a nonhomogeneous Poisson process and the latter as a nonhomogeneous Gamma process. Our proposed model enables inventory levels to be reduced by 14% in summer and 6% in winter.

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An integrated vendor-buyer model with quadratic demand under inspection policy and preservation technology

Cited by 37 publications

References 28 publications

Back-ordered inventory model with inflation in a cloudy-fuzzy environment

Back-ordered inventory model with inflation in a cloudy-fuzzy environment

Effect of price-sensitive demand and default risk on optimal credit period and cycle time for a deteriorating inventory model

Seasonal Inventory Management Model for Raw Materials in Steel Industry

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