Economic production quantity model with trade credit financing and price-discount offer for non-decreasing time varying demand pattern

Puspita Mahata · Gour Chandra Mahata

15 citations0/0 files storedInternational Journal of Procurement Management

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Supply Chain and Inventory Management Sustainable Supply Chain Management Working Capital and Financial Performance

Abstract

As a policy when some suppliers offer trade credit periods and price discounts to the retailers in order to increase the demand of their product, the retailers have to face different types of offer of discounts and credits for which they have to take a decision which is the best offer for them for profit. One thing is important to the retailers that they try to buy good quality items at a reasonable price and if possible, they try to invest returns obtained by selling those items in such a manner that their business is not hampered. In this paper, we intend to develop an economic production quantity (EPQ)-based model with non-decreasing time varying (quadratic) demand pattern in order to investigate the inventory system as a profit maximisation problem when delay in payment and price discount are permitted by the suppliers to the retailers. Mathematical theorems are developed analytically to determine optimal replenishment policies and a lot of managerial phenomena are obtained through numerical examples.

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References

1979Decision Systems for Inventory Management and Production Planning 1985Economic Order Quantity under Conditions of Permissible Delay in Payments 1990How Many Parts to Make at Once 1995Ordering Policies of Deteriorating Items under Permissible Delay in Payments 1997An ordering policy for deteriorating items with allowable shortage and permissible delay in payment 2002On the economic order quantity under conditions of permissible delay in payments 2003Optimal retailer's ordering policies in the EOQ model under trade credit financing 1977Inventory Replenishment Policy for a Linear Trend in Demand—An Analytical Solution

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