An inventory model with generalized type demand, deterioration and backorder rates

Hung, Kuo-Chen

doi:10.1016/j.ejor.2010.08.026

Cited by 86 publications

(34 citation statements)

References 21 publications

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“…The assumption of the traditional EOQ model has been relaxed from "the demand rate is a given constant" to "the demand rate varies according to time" [13][14][15][16][17][18][19][20][21][22][23][24][25][26][27][28][29][30][31][32].…”

Section: Introductionmentioning

confidence: 99%

Economic Order Quality Model for Determining the Sales Prices of Fresh Goods at Various Points in Time

Chen

2017

Journal of Food Quality

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Although the safe consumption of goods such as food products, medicine, and vaccines is related to their freshness, consumers frequently understand less than suppliers about the freshness of goods when they purchase them. Because of this lack of information, apart from sales prices, consumers refer only to the manufacturing and expiration dates when deciding whether to purchase and how many of these goods to buy. If dealers could determine the sales price at each point in time and customers' intention to buy goods of varying freshness, then dealers could set an optimal inventory cycle and allocate a weekly sales price for each point in time, thereby maximizing the profit per unit time. Therefore, in this study, an economic order quality model was established to enable discussion of the optimal control of sales prices. The technique for identifying the optimal solution for the model was determined, the characteristics of the optimal solution were demonstrated, and the implications of the solution's sensitivity analysis were explained.

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Section: Introductionmentioning

confidence: 99%

Economic Order Quality Model for Determining the Sales Prices of Fresh Goods at Various Points in Time

Chen

2017

Journal of Food Quality

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“…Then, Ghare and Schrader (1963) concluded in their study that the consumption of the deteriorating items was closely relative to a negative exponential function of time. Various authors such as Deng et al (2007), Cheng andWang (2009), Cheng et al (2011) and Hung (2011) studied inventory models for deteriorating items in various aspects. In world business market, demand has been always one of the most key factors in the decisions relating to the inventory and production activities.…”

Section: Introductionmentioning

confidence: 99%

An inventory model for perishable items with quadratic trapezoidal type demand under partial backlogging

Debata¹,

Acharya²,

Samanta³

2015

10.5267/j.ijiec

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In this paper, we consider the inventory model for perishable items with quadratic trapezoidal type demand rate, that is, the demand rate is a piecewise quadratic function under constant deterioration rate. The model consider allows for shortages and the demand is partially backlogged. The model is solved analytically by minimizing the total inventory cost. The result is illustrated with numerical example. Finally, we discuss sensitivity analysis for the model.

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“…They offered an inventory model for optimizing the replenishment cycle time for a single deteriorating item under a permissible delay in payments and constraints on warehouse capacity. Hung (2011) urbanized an inventory model with generalized type demand, deterioration and backorder rates. Bhunia and Shaikh (2011) developed a deterministic model for deteriorating items with displayed inventory level dependent demand rate incorporating marketing decisions with transportation cost.…”

Section: Introductionmentioning

confidence: 99%

An optimization of an inventory model of decaying-lot depleted by declining market demand and extended with discretely variable holding costs

Tyagi¹

2013

10.5267/j.ijiec

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Inventory management is considered as major concerns of every organization. In inventory holding, many steps are taken by managers that result a cost involved in this row. This cost may not be constant in nature during time horizon in which perishable stock is held. To investigate on such a case, this study proposes an optimization of inventory model where items deteriorate in stock conditions. To generalize the decaying conditions based on location of warehouse and conditions of storing, the rate of deterioration follows the Weibull distribution function. The demand of fresh item is declining with time exponentially (because no item can always sustain top place in the list of consumers' choice practically e.g. FMCG). Shortages are allowed and backlogged, partially. Conditions for global optimality and uniqueness of the solutions are derived, separately. The results of some numerical instances are analyzed under various conditions.

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An inventory model with generalized type demand, deterioration and backorder rates

Cited by 86 publications

References 21 publications

Economic Order Quality Model for Determining the Sales Prices of Fresh Goods at Various Points in Time

Economic Order Quality Model for Determining the Sales Prices of Fresh Goods at Various Points in Time

An inventory model for perishable items with quadratic trapezoidal type demand under partial backlogging

An optimization of an inventory model of decaying-lot depleted by declining market demand and extended with discretely variable holding costs

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