Inventory system with expiration date: Pricing and replenishment decisions

Khan, Md. Mobarak Hossain; Shaikh, Ali Akbar; Panda, Gobinda Chandra; Konstantaras, Ioannis; Taleizadeh, Ata Allah

doi:10.1016/j.cie.2019.04.002

Cited by 88 publications

(38 citation statements)

References 43 publications

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“…The result conforms to the study by Teng et al [38] who observe that when the maximum lifetime increases, the total cost per unit time decreases and hence the total profit per unit time increases. A similar result is observed by Khan et al [17].…”

Section: Sensitivity Analysissupporting

confidence: 90%

Joint pricing deteriorating inventory model considering product life cycle and advance payment with a discount facility

et al. 2021

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The product life cycle of a deteriorating product is an important consideration in inventory management. This paper simultaneously investigates the optimum pricing and inventory decisions considering product life cycles under price-dependent demand and advance payment systems with a discount facility. A time-dependent holding cost is also introduced. The objective is to carefully balance the critical decision variables in order to maximize the total profit. Furthermore, the theoretical analysis validates the concavity of the profit function. A numerical example and sensitivity analysis are provided to show the characteristics of the model. The study shows that an advanced payment period, installment numbers, product’s maximum life cycle, purchasing cost and demand function significantly influence the total profit. This inventory model with a known product lifetime and advance payments can provide management insights to inventory manager in his/her strategic planning.

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Section: Sensitivity Analysissupporting

confidence: 90%

Joint pricing deteriorating inventory model considering product life cycle and advance payment with a discount facility

et al. 2021

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“…In the presence of two-level trade-credit policy Soni and Patel [50] derived an integrated inventory model where production rate is variable and demand is price-sensitive. An inventory model with expiration date and pricing decisions was presented by Khan et al [14] Considering advanced payment policy and trade-credit, different inventory models were formulated by different researchers [15,23,24]. All researcher developed different model for trade-credit or for advertisement policy, but the benefit for advertisement and stock-level dependent demand in the presence of trade-credit for inventory model still not considered.…”

Section: Introductionmentioning

confidence: 99%

Advance sustainable inventory management through advertisement and trade-credit policy

Mandal

Dey

Khanra³

et al. 2021

RAIRO-Oper. Res.

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The concept of advanced sustainable inventory manage- ment, where demand pattern stock level and advertising dependent under trade-credit policy is taking account in this present study. Opti- mal credit period and cycle time are the main objective of this advanced system. A developed solution methodology is derived to show the exis- tence of global optimality under optimum credit period and cycle time. The main concern of this advanced system is to maximize the annual total system pro t of retailer with nite replenishment rate. Numerical illustration are carry forward for di erent cases to prove the stainabil- ity along with real impact of this model. Sensitive analysis for the key parameters is discussed in sensitivity analysis section along with some real \managerial insights".

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“…In this context, the academicians and researchers are modelling the demand rate as dependent of price. For example, Khan et al [53] analyzed two supply chain inventory systems when the demand rate depends on price. Khan et al [54] proposed an inventory model for deteriorating merchandises when the demand is price sensitive, and there exists a discount policy according all-units arrangement.…”

Section: Introductionmentioning

confidence: 99%

An Inventory Model for Growing Items with Imperfect Quality When the Demand Is Price Sensitive under Carbon Emissions and Shortages

De-la-Cruz-Márquez

Cárdenas–Barrón

Mandal

2021

Mathematical Problems in Engineering

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Nowadays, it is well known that global warming is a great hazard to the planet, and the carbon emissions are a principal source of global warming. For this reason, the customers have become more environment and quality conscious than before, and as a result, they request the firms to be ecofriendly. In this context, it is desirable that companies develop and implement inventory models which consider sustainability issues. Furthermore, the companies face problems of shortages and setting prices in order to persist in a competitive and challenging business. Besides, there exists a kind of items different than the traditional products that it is necessary to feed them until a target weight is reached in order to slaughter and sell to customers. These are named as growing items. In this sense, this research work proposes an inventory model for growing items with imperfect quality when the demand is price sensitive under carbon emissions and shortages. The shortages are fully backordered. The demand is price sensitive according to a polynomial function. The proposed inventory model determines jointly the optimal policy for the selling price of perfect-quality growing items, the order quantity, and the backordering quantity which maximize the expected total profit per unit of time. Some numerical examples are resolved in order to illustrate the use and the applicability of the inventory model. Finally, a sensitivity analysis is conducted and some managerial insights are given.

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Inventory system with expiration date: Pricing and replenishment decisions

Cited by 88 publications

References 43 publications

Joint pricing deteriorating inventory model considering product life cycle and advance payment with a discount facility

Joint pricing deteriorating inventory model considering product life cycle and advance payment with a discount facility

Advance sustainable inventory management through advertisement and trade-credit policy

An Inventory Model for Growing Items with Imperfect Quality When the Demand Is Price Sensitive under Carbon Emissions and Shortages

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