An inventory model for deteriorating items under inflation and permissible delay in payments by genetic algorithm

Kumar, Sanjey; Kumar, Neeraj

doi:10.1080/23311975.2016.1239605

Cited by 13 publications

(3 citation statements)

References 33 publications

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“…They assumed demand rate is seasonal pattern and stock-based. Kumar et al [24] explored an inventory model for deteriorating items with the impact of inflation and trade credit. They used genetic algorithm method to solve the model.…”

Section: Literature Reviewmentioning

confidence: 99%

An inventory system for varying decaying medicinal products in healthcare trade

Kumar

Kumar²,

2021

YUGOSLAV J OPERATION

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This paper introduces an inventory system for declining medicinal products under the effect of ination with price-sensitive demand. Usually, pharmaceutical inventory systems assume the deteriorating rate as constant, which is insignificant and illogical because healthcare products medicines and drugs deteriorate significantly. Thus, the deteriorating rate of medicinal products is supposed to be time-dependent and to follow three-parameter Weibull distribution. The lack of commodities is permitted with the rate of partial backlogging. This research work develops a model to optimize the total average cost of the items by calculating the ordering quantity and the optimum time intervals. Finally, through a numerical example, with sensitivity analysis, we demonstrate the effect of different parameters.

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Section: Literature Reviewmentioning

confidence: 99%

An inventory system for varying decaying medicinal products in healthcare trade

Kumar

Kumar²,

2021

YUGOSLAV J OPERATION

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“…Traditional inventory models [1][2][3][4] and production planning models [5][6][7] involve deterministic constrained functions and/or objective functions in deterministic environments. Nevertheless, uncertainty is nearly universal in real world.…”

Section: Introductionmentioning

confidence: 99%

Neutrosophic Number Optimization Models and Their Application in the Practical Production Process

Wang

2021

Journal of Mathematics

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In order to simplify the complex calculation and solve the difficult solution problems of neutrosophic number optimization models (NNOMs) in the practical production process, this paper presents two methods to solve NNOMs, where Matlab built-in function “fmincon()” and neutrosophic number operations (NNOs) are used in indeterminate environments. Next, the two methods are applied to linear and nonlinear programming problems with neutrosophic number information to obtain the optimal solution of the maximum/minimum objective function under the constrained conditions of practical productions by neutrosophic number optimization programming (NNOP) examples. Finally, under indeterminate environments, the fit optimal solutions of the examples can also be achieved by using some specified indeterminate scales to fulfill some specified actual requirements. The NNOP methods can obtain the feasible and flexible optimal solutions and indicate the advantage of simple calculations in practical applications.

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“…From the financial point inflation is generally associated with rapidly raising prices which causes or caused by a decline in the purchasing power of money which varies or rather depends on time. BuzaCott (1975), Bierman and Thomas (1977) and Misra (1979) Kumar (2016) have studied an inventory model with stock dependent demand and Weibull rate of deterioration having permissible delay in payments under inflation using genetic algorithm. However, they assumed that the demand is either constant or stock dependent.…”

Section: Introductionmentioning

confidence: 99%

EOQ Model under Permissible Delay in Payments and Inflation with Weibull Decay and Power Pattern Demand

Rao¹,

Kumar²,

Muniswamy³

2019

IJRAT

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Recently much work has reported regarding EOQ models for deteriorating items with delay in payments. Most of these papers considered that there is no change of money value over time. But money value changes due to inflation. Hence, in this paper we develop and analyze an EOQ model for deteriorating items with the assumption that delay in payments is allowed under inflation. It is assumed that the life time of the commodity is random and follows a Weibull distribution. It is further assumed that the demand rate is time dependent and follows power pattern, with different values of indexing parameter the demand rate may increase or decrease or remains constant. Using the differential equations the instantaneous state of inventory at a given time is obtained explicitly. With plausible cost considerations under inflation the total cost function over the horizon is derived. The net profit rate function is also obtained. By maximizing the net profit rate function the optimal ordering and price policies are obtained. It is observed through sensitivity analysis that the deterioration distribution parameters, demand rate parameters and inflation rate have significant influence on the optimal operating policies of the model. The permissible delay in payments affects the ordering quantity and cycle time. This model also includes some of the earlier models as particular cases for specific values of the parameters.

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An inventory model for deteriorating items under inflation and permissible delay in payments by genetic algorithm

Cited by 13 publications

References 33 publications

An inventory system for varying decaying medicinal products in healthcare trade

An inventory system for varying decaying medicinal products in healthcare trade

Neutrosophic Number Optimization Models and Their Application in the Practical Production Process

EOQ Model under Permissible Delay in Payments and Inflation with Weibull Decay and Power Pattern Demand

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