An inventory model under uncertain inflationary conditions, finite production rate and inflation-dependent demand rate for deteriorating items with shortages

Mirzazadeh, Abolfazl; Esfahani, Mir Mehdi Seyyed; Ghomi, S. M. T. Fatemi

doi:10.1080/00207720802088264

Cited by 37 publications

(14 citation statements)

References 21 publications

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“…Halim et al (2008) considered fuzzy EOQ model for perishable items with stochastic demand, partial backlogging and fuzzy deterioration rate. Mirzazadeh et al (2009) have studied an inventory model under certain inflationary conditions, finite production rate and inflation-dependent demand rate for deteriorating items with storages where the replenishment is known and fixed. Min and Zhou (2009) have studied a perishable inventory model under a stock-dependent selling rate.…”

Section: Literature Reviewmentioning

confidence: 99%

Optimal pricing policies of an inventory model for deteriorating items with discounts

Madhavi

Rao

Lakshminarayana

2011

IJOR

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Inventory models create a lot of interest due to its ready applicability at various practical situations. One of the most important considerations in developing the inventory models for deteriorating items is that the deteriorated item is thrown as waste. But in some practical situations at food and vegetable markets, the deteriorated items are sold for certain discounts. In this paper, we developed and analysed an economic order quantity model for deteriorating items with seconds sale. Here, it is assumed that the lifetime of the commodity is random and follows a two-component mixture of Weibull distribution. It is further assumed that the deteriorated items are sold with certain discounts. Assuming that the demand is a linear function of the selling price, the instantaneous state of inventory is derived by maximising the profit rate function. The optimal ordering and pricing policies are determined. The sensitivity of the model with respect to the parameters and costs is also studied. It is observed that the second sale has a significant impact on the optimal ordering quantity and pricing policies. This model also includes many of the earlier models as particular cases for specific values of the parameters.

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Section: Literature Reviewmentioning

confidence: 99%

Optimal pricing policies of an inventory model for deteriorating items with discounts

Madhavi

Rao

Lakshminarayana

2011

IJOR

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“…Hou and Lin (2006) developed an EOQ model for deteriorating items with price-and stock-dependent selling rates under inflation and time value of money. Mirzazadeh, Seyyed-Esfahani, and Fatemi-Ghomi (2009) analysed an inventory model under uncertain inflationary conditions, finite production rate and inflation-dependent demand rate for deteriorating items with shortages. Roy, Pal, and Maiti (2009) analysed a production inventory model with stock-dependent demand incorporating learning and inflationary effect in a random planning horizon.…”

Section: Introductionmentioning

confidence: 99%

An EOQ model for deteriorating items with inflation and time value of money considering time-dependent deteriorating rate and delay payments

Muniappan

Uthayakumar

Ganesh

2015

Systems Science & Control Engineering

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A finite time horizon inventory problem for a deteriorating item is developed with constant demand and time-varying deterioration rate under inflation and time value of money. Some of the items may deteriorate in the course of time. In this regard, the authors develop an EOQ model for time-varying deterioration rate. Shortages are allowed in each cycle and backlogged them completely. In this model, the fixed credit period is offered by the supplier to the retailer. During the credit period, the retailers are allowed a trade-credit offer by the suppliers to buy more items and earn more by selling their products. The interest on purchasing cost is charged for the delay of payment by the retailers. The objective of the study is to find optimal decision variables and order quantities of the products so that the net present value of total system cost over a finite planning horizon is minimized. Also, the profit function of the model is maximized. Finally, numerical results are presented to analyse the sensitivity of the optimal policies with respect to changes in some parameters of the system.

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“…Mirzazadeh [36] assumed the inflation is time-dependent and demand rate is assumed to be inflation-proportional. Other efforts in this direction have been made by Taheri et al [37] , Mirzazadeh et al [38] , Ameli et al [39] , Mirzazadeh [40] , Samadi et at. [41] , Gholami-Qadikolaei et al [42] and Ghoreishi [43] .…”

Section: Introductionmentioning

confidence: 99%

Inventory management under stochastic conditions with multiple objectives

Mirzazadeh

2013

AIR

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In this research, a complex inventory system has been analyzed under uncertain situations. The item deterioration has been considered and the shortages are allowable. The objectives of the problem are: (1) Minimization of the total present value of costs over time horizon and (2) Decreasing the total quantity of goods in the warehouse over time horizon. The numerical examples are used for evaluation and validation of the theoretical results.

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An inventory model under uncertain inflationary conditions, finite production rate and inflation-dependent demand rate for deteriorating items with shortages

Cited by 37 publications

References 21 publications

Optimal pricing policies of an inventory model for deteriorating items with discounts

Optimal pricing policies of an inventory model for deteriorating items with discounts

An EOQ model for deteriorating items with inflation and time value of money considering time-dependent deteriorating rate and delay payments

Inventory management under stochastic conditions with multiple objectives

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