Note on : Supply chain inventory model for deteriorating items with maximum lifetime and partial trade credit to credit risk customers

Pramanik, Prasenjit; Das, Sarama Malik; Maiti, Manas Kumar

doi:10.3934/jimo.2018096

Cited by 5 publications

(5 citation statements)

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“…(iii) Retailer also have to pay interest on the credit amount of the defaulters for the sold units during (0, M − N ] as well as (M − N, T ], those are respectively presented mathematically in Equation (18) and Equation (19).…”

Section: Payable Interest Ipmentioning

confidence: 99%

“…In this paper, the ABC algorithm is implemented, tested and used for the continuous optimization problem. For the detail mechanism of ABC algorithm, reader may go through [19,23].…”

Section: Artificial Bee Colony Algorithm(abc)mentioning

confidence: 99%

“…Afterwards, in different circumstances, researchers developed their models for deteriorating items assuming constant deterioration rate [2,17], time dependent deterioration rate [8,18]. Recently, Pramanik et al [19] gives a new direction for modelling the inventory models of deteriorating items introducing the interest paid situation for the deteriorated units. As far as authors knowledge go, till now none has introduced any supply chain model on deteriorating items under trade credit incorporating default credit risk, which depends on credit amount and credit period.…”

Section: Introductionmentioning

confidence: 99%

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Credit policy for an inventory model of a deteriorating item having variable demand considering default risk

Mondal¹,

Pramanik²,

JANA³

et al. 2022

Scientia Iranica

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In this study, a supplier-retailer-customer supply chain has been proposed for a deteriorating item with expiration time and dynamic deterioration rate. Here, the supplier adopt full credit policy for the retailer to enhance the retailer's order volume. This facility influences the retailer to provide some partial credit opportunity to the customers to boost the demand. For this credit policy, the retailer always faces a risk due to defaulters, which is termed as default credit risk. The default credit risk is considered in more realistic manner, which depends on the customers' partial credit period and credit amount. The market demand is influenced by customers' credit amount, customers' credit period and retail price of the item. Optimal decision is searched by maximizing the average profit of the system. For the search process, an artificial bee colony algorithm is implemented, tested and used. Illustration of the model is done with some hypothetical examples.

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Section: Payable Interest Ipmentioning

confidence: 99%

“…In this paper, the ABC algorithm is implemented, tested and used for the continuous optimization problem. For the detail mechanism of ABC algorithm, reader may go through [19,23].…”

Section: Artificial Bee Colony Algorithm(abc)mentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

See 1 more Smart Citation

Credit policy for an inventory model of a deteriorating item having variable demand considering default risk

Mondal¹,

Pramanik²,

JANA³

et al. 2022

Scientia Iranica

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show abstract

“…Therefore, the deteriorating items' inventory and production are crucial for managers and decision-makers. Several scholars have also conducted relevant theoretical studies (Pramanik et al, 2017;Mashud et al, 2020;Hasan et al, 2020). The deterioration rate can take many forms, including constant, exponent and two-parameter or three-parameter Weibull distributions.…”

Section: Introductionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

A production and inventory model for deteriorating items with two-level partial trade credit and stochastic demand in a supply chain

Dai

Wang

2022

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PurposeThe purpose of this paper is to maximize the average profit of the supply chain by calculating the order quantity, the number of shipments during the production time of the vendor, the number of shipments during the supply cycle of the vendor and the time when the retailer’s inventory level reaches to zero.Design/methodology/approachA production and inventory model for degrading commodities with stochastic demand and two-level partial trade credit in a supply chain is presented. The model’s applicability and the processes' feasibility for solving are verified by GAMS software with BARON.FindingsThe impact of the model’s parameters on the vendor and retailer’s average profit was found through sensitivity analysis. The effect of the model’s parameters on the supply chain’s average profit was also found. Moreover, the reasons for this effect were given.Practical implicationsFirst, decision-makers may use this model to increase the supply chain's average profit. Second, the proposed model takes a general form. Third, the policymakers can also adjust the model’s parameters according to their preferences to get the desired results.Originality/valueFirst, this paper develops an inventory and production model for perishable goods. Second, it is believed that the demand is random because the demand is affected by many factors, which make the study more realistic. Third, this paper studies production and inventory problems from the supply chain perspective. Finally, the interest for partial trade credit is calculated. The interest caused by stochastic shortages is also considered and calculated.

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An EOQ Model for Deteriorating Items under Trade Credit Policy with Unfaithfulness Nature of Customers

Mondal

Pramanik

Jana

et al. 2022

Studies in Computational Intelligence

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Note on : Supply chain inventory model for deteriorating items with maximum lifetime and partial trade credit to credit risk customers

Cited by 5 publications

References 0 publications

Credit policy for an inventory model of a deteriorating item having variable demand considering default risk

Credit policy for an inventory model of a deteriorating item having variable demand considering default risk

A production and inventory model for deteriorating items with two-level partial trade credit and stochastic demand in a supply chain

An EOQ Model for Deteriorating Items under Trade Credit Policy with Unfaithfulness Nature of Customers

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