A study on the price and production level of the deteriorating inventory system

Suk‐Ho Kang · Il-Tae Kim

121 citations0/0 files storedInternational Journal of Production Research

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Supply Chain and Inventory Management Management and Optimization Techniques Sustainable Supply Chain Management

Abstract

This paper presents a modified model for a deteriorating inventory system determining price and production levels. Specifically, the exponential distribution is used to represent the distribution of the time to deterioration. The optimal production quantity is derived under conditions of continuous review, deterministic demand and no shortage. The maximum-profit price decisions are computed with changes in product deterioration. Finally, this paper shows a numerical example which elucidates the impact of deterioration and price

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References

1964Analysis of Inventory Systems.2017Journal of Industrial Engineering 1973An EOQ Model for Items with Weibull Distribution Deterioration 1955Inventory Control and Price Theory 1975Optimum production lot size model for a system with deteriorating inventory 1958The Theory of Inventory Management 1974A Generalized EOQ Model for Items with Weibull Distribution Deterioration 1953The Theory of Inventory Management

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1995Joint pricing and replenishment policy for deteriorating inventory with declining market 2009An optimal production-inventory model for deteriorating items with multiple-market demand 2011Economic order quantity model for deteriorating items with planned backorder level 2006A collaborative inventory system with permissible delay in payment for deteriorating items 2010Optimizing inventory policy for products with time-sensitive deteriorating rates in a multi-echelon supply chain 2017

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