Periodic review ( s , S ) inventory model with permissible delay in payments

Bacel Maddah · Mohamad Y. Jaber · Nadim E. Abboud

55 citations0/0 files storedJournal of the Operational Research Society

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

Abstract

This paper investigates the effect of permissible delay in payments on ordering policies in a periodic review (s, S) inventory model with stochastic demand. A new mathematical model is developed, which is an extension to that of Veinott and Wagner (Mngt Sci 1965; 11: 525) who applied renewal theory and stationary probabilistic analysis to determine the equivalent average cost per review period. The performance of the model is validated using a custom-built simulation programme. In addition, two distribution-free heuristic methods of reasonable accuracy develop approximate optimal policies for practical purposes based only on the mean and the standard deviation of the demand. Numerical examples are presented with results discussed.

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References

1983Simulation Modeling and Analysis.1999Simulation modeling and analysis 1999Inventory management and production planning and scheduling 1985Economic Order Quantity under Conditions of Permissible Delay in Payments 1986A JOINT ECONOMIC‐LOT‐SIZE MODEL FOR PURCHASER AND VENDOR 1951Optimal Inventory Policy 1995Ordering Policies of Deteriorating Items under Permissible Delay in Payments 1997An ordering policy for deteriorating items with allowable shortage and permissible delay in payment

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