Cost optimization model for items having fuzzy demand and deterioration with two-warehouse facility under the trade credit financing

Kumar, Boina Anil; Paikray, Susanta Kumar; Dutta, Hemen

doi:10.3934/math.2020109

Cited by 16 publications

(2 citation statements)

References 36 publications

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“…A few studies have been developed to consider the deterioration effect in the EOQ inventory model such as an EOQ model with payment delays and unpredictable deteriorate rate [18], a deterministic EOQ model with payment delays and changing deterioration rate [19], an EOQ model considering production shortage under ramp type demand [20]. Later some recent works have also been explored to analyze the deteriorating products inventory with emerging techniques such as two warehouse production systems for deteriorating inventory items with fuzzy demands [21],…”

Section: Inventory Model For Deteriorating Productsmentioning

confidence: 99%

A production inventory model for the deteriorating goods under COVID-19 disruption risk

Hasan¹

2022

World J. Adv. Res. Rev.

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The rapid onset of the COVID-19 epidemic has brought the manufacturing process to a halt. The problem is especially serious for deteriorating products because demand for these items is not consistent and the product's worth has diminished with time. Many deteriorating product industries are now looking for an appropriate and effective disruption recovery plan to help them recover. However, a survey of the literature suggests that there has been little research done on developing an effective inventory production model for deteriorating products exposed to COVID-19 pandemic risks. This research intends to develop a disruption recovery model that considers demand as a time-dependent quadratic function to find out the optimum number of orders. Two different heuristic algorithms named: Genetic Algorithm (GA) and Whale Optimization Algorithm (WOA) have been employed to solve the model and it has been found that WOA performs better in terms of convergence. The numerical findings indicate that the price inclination rate for the component price and selling price played a pivotal role to maximize net profit. It is expected that by employing the proposed model of this research, the industry managers will be greatly benefitted to obtain quick recovery from the COVID-19 disruption risk for the deteriorating goods and retain financial stability.

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Section: Inventory Model For Deteriorating Productsmentioning

confidence: 99%

A production inventory model for the deteriorating goods under COVID-19 disruption risk

Hasan¹

2022

World J. Adv. Res. Rev.

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“…Subsequently, Padhy et al [32] formulated an EOQ model for both deteriorating and ameliorating items in fuzzy environments. Furthermore, Barman et al ([3] and [4]), Indrajitsingha et al [9], and Kumar et al ( [15] and [14]) considered various sets of inventory constraints under different environments to obtain optimal strategies.…”

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confidence: 99%

An inventory model under power pattern demand having trade credit facility and preservation technology investment with completely backlogged shortages

Patra,

Paikray,

Dutta

2024

JIMO

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In real-world inventory problems, the deterioration rate is usually treated as an uncontrolled factor. However, by adopting certain preservation techniques, such deterioration rate can be controlled up to a desired level. Moreover, in certain business affairs, the supplier also provides a permissible delay in payment to encourage the vendors to have further sales. In this paper, we develop an inventory model that considers the power pattern demand under trade credit, permissible completely backlogged shortages, and suitable investment in preservation technology. Additionally, to make the model more realistic, we apply the learning effect to the holding costs. We develop the mathematical model of the problem and its solving policy in both crisp and fuzzy environments. The main purpose of the model is to obtain the optimum preservation technology-based cost and cycle time that maximize the overall profit. Furthermore, to validate our findings, we consider numerical examples and subsequently demonstrate the concavity of the profit function via Mathematica 11.1.1 software. Finally, we study the sensitivity analysis and accordingly present several managerial insights for the benefit of inventory managers.

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Optimization of the vendor's inventory model with multisupplier and multiretailer using fuzzy parameters

Garg

Chandrasekar

Rajeswaria

et al. 2022

Int J of Intelligent Sys

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This paper explores the multi-item vendor's inventory (VI) model in which the vendor replenishes the products from various suppliers and satisfies the retailers' demand. Different types of products scrutinize this model under two cases. The first case considers the products are replenished in bulk and packed in small quantities by the vendor and sent to the retailers. The second case presumes that the vendor replenishes the packed items from the supplier and sent to retailers without the packaging process. The wastage of products during the packaging process occurs in the first case and the deterioration of items occurs in both cases. The unpredictable parameters such as the proportion of wastage products and the proportion of deteriorated products lead the model under fuzzy logic. The VI model and the Vendor's fuzzy inventory (VFI) are framed. VFI model is formulated by assuming the wastage rate and the deterioration rate as triangular fuzzy numbers (TFN) as well as trapezoidal fuzzy numbers. The defuzzification method of TFN and trapezoidal fuzzy numbers by the combination of Beta distribution and a uniform distribution is utilized in this paper. For both cases, the

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Cost optimization model for items having fuzzy demand and deterioration with two-warehouse facility under the trade credit financing

Cited by 16 publications

References 36 publications

A production inventory model for the deteriorating goods under COVID-19 disruption risk

A production inventory model for the deteriorating goods under COVID-19 disruption risk

An inventory model under power pattern demand having trade credit facility and preservation technology investment with completely backlogged shortages

Optimization of the vendor's inventory model with multisupplier and multiretailer using fuzzy parameters

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