An EPQ model for deteriorating items with inventory-level-dependent demand and permissible delay in payments

Jie Min · Yong‐Wu Zhou · Guiqing Liu · Wang Sheng-dong

60 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

This article develops an inventory model for exponentially deteriorating items under conditions of permissible delay in payments. Unlike the existing related models, we assume that the items are replenished at a finite rate and the demand rate of the items is dependent on the current inventory level. The objective is to determine the optimal replenishment policies in order to maximise the system's average profit per unit of time. A simple method is shown for finding the optimal solution of the model based on the derived properties of the objective function. In addition, we deduce some previously published results as the special cases of the model. Finally, numerical examples are used to illustrate the proposed model. Some managerial insights are also inferred from the sensitive analysis of model parameters.

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References

1979Decision Systems for Inventory Management and Production Planning 1985Economic Order Quantity under Conditions of Permissible Delay in Payments 1995Ordering Policies of Deteriorating Items under Permissible Delay in Payments 1986Decision systems for inventory management and production planning 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 2000Supply chain models for perishable products under inflation and permissible delay in payment 2007Retailer’s optimal replenishment decisions with credit-linked demand under permissible delay in payments

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