Integrated vendor-buyer inventory models with inflation and time value of money in controllable lead time

Anjana Solanki

15 citations0/0 files storedDecision Science Letters

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Supply Chain and Inventory Management Quality and Supply Management Sustainable Supply Chain Management

Abstract

In the global critical economic scenario, inflation plays a vital role in deciding optimal pricing of goods in any business entity.This article presents two single-vendor single-buyer integrated supply chain inventory models with inflation and time value of money.Shortage is allowed during the lead time and it is partially backlogged.Lead time is controllable and can be reduced using crashing cost.In the first model, we consider the demand of lead time follows a normal distribution, and in the second model, it is considered distribution-free.For both cases, our objective is to minimize the integrated system cost by simultaneously optimizing the order quantity, safety factor, lead time and number of lots.The discounted cash flow and classical optimization technique are used to derive the optimal solution for both cases.Numerical examples including the sensitivity analysis of system parameters is provided to validate the results of the supply chain models.

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References

1993The Distribution Free Newsboy Problem: Review and Extensions 1975Economic Order Quantities with Inflation 2006An integrated production-inventory model with imperfect production processes and Weibull distribution deterioration under inflation 1997An EOQ model with stock-dependent demand, shortage, inflation and time discounting 1979A note on optimal inventory management under inflation 1977INVENTORY DECISIONS UNDER INFLATIONARY CONDITIONS 2001Replenishment and pricing policy for deteriorating items taking into account the time-value of money 1999Economic production lot size for deteriorating items taking account of the time-value of money

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