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Impact of delay in payment, shortage and inflation on an EOQ model with bivariate demand
Journal of Management Analytics ( IF 6.554 ) Pub Date : 2020-09-21 , DOI: 10.1080/23270012.2020.1811165
R. Sundararajan 1 , S. Vaithyasubramanian 2 , A. Nagarajan 1
Affiliation  

The major challenge of inventory decision makers is to determine an inventory optimization strategy that ensures the right balance between keeping abundant on hand inventory to meet the demand of the customers and optimizing costs related to holding inventory. This article analyzes on providing a general deterministic inventory model in which the rate of demand is determined by price and time over the ordering cycle time. The traditional assumption of zero ending invento ry level is relaxed to a non-zero ending inventory level. Shortages are allowed which are partially backlogged. We develop models with partial backlogging and without backlogging. The aim is to maximize the profit per unit time, assuming delay in payment and inflation. An algorithm is proposed to find the optimal selling price, optimal stockout period, optimal replenishment cycle time and the optimal ending inventory level. All the possible special cases of these two models are also discussed. The numerical examples, graphical representation, and sensitivity analysis are given to illustrate the practical application of the proposed model.



中文翻译:

付款,短缺和通货膨胀的延迟对具有二元需求的EOQ模型的影响

库存决策者的主要挑战是确定一种库存优化策略,以确保在保持充足的现有库存以满足客户需求与优化与库存成本相关的成本之间取得适当的平衡。本文分析提供一个通用的确定性库存模型,其中需求率由订购周期内的价格和时间决定。零库存水平的传统假设被放宽到非零库存水平。允许部分短缺的短缺。我们开发具有部分积压和无积压的模型。目的是在付款和通货膨胀发生延迟的情况下,使单位时间的利润最大化。提出了一种寻找最优售价,最优缺货期,最佳的补货周期时间和最佳的期末存货水平。还讨论了这两种模型的所有可能的特殊情况。数值例子,图形表示和灵敏度分析说明了该模型的实际应用。

更新日期:2020-09-21
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