A finite time horizon inventory model with deterioration and time-value of money under the conditions of permissible delay in payments

Horng‐Jinh Chang · Cheng-Hsing Hung · Chung-Yuan Dye

47 citations0/0 files storedInternational Journal of Systems Science

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Supply Chain and Inventory Management Sustainable Supply Chain Management Optimization and Mathematical Programming

Abstract

A varying deterioration rate, time-value of money and the condition of permissible delay in payments used in conjunction with the EOQ model are the focus of discussion. The replenishment number and fraction of each cycle in which there is no shortage are both determined to minimize the present value of inventory cost over a finite planning horizon. Two special cases and numerical examples are presented to illustrate the model.

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References

1985Economic Order Quantity under Conditions of Permissible Delay in Payments 1995Ordering Policies of Deteriorating Items under Permissible Delay in Payments 1997An ordering policy for deteriorating items with allowable shortage and permissible delay in payment 1975Economic Order Quantities with Inflation 2000An inventory model with deteriorating items under inflation when a delay in payment is permissible 2000Supply chain models for perishable products under inflation and permissible delay in payment 1996Joint price and lot size determination under conditions of permissible delay in payments and quantity discounts for freight cost 1999Economic production lot size for deteriorating items taking account of the time-value of money

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