An EOQ model with backordering for perishable items under multiple advanced and delayed payments policies

Prasanta Kumar Ghosh · Amalesh Kumar Manna · Samarjit Kar

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

Abstract

This study investigated an economic order quantity (EOQ) model with complete backorder for fixed lifetime perishable items under multiple advance and delayed payments policies. Here, a new type of business policy is considered where supplier offers the retailer to pay a fraction of the purchasing cost before the order delivery by multiple equal installments starting from the ordering time and the rest amount after the delivery by multiple equal installments. Here, some theoretical results are illustrated to determine the conditions of existence and uniqueness of the optimal solutions. A closed form solution is determined to solve the proposed model under approximation. Some numerical examples are provided to examine the validity of the proposed model. Finally, sensitivity analyses are presented to obtain the effect of optimal policy and provide some managerial insights of the model.

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References

2017Journal of Industrial Engineering 2001Recent trends in modeling of deteriorating inventory 1985Economic Order Quantity under Conditions of Permissible Delay in Payments 1996Reducing the Cost of Demand Uncertainty Through Accurate Response to Early Sales 1995Ordering Policies of Deteriorating Items under Permissible Delay in Payments 2012Review of inventory systems with deterioration since 2001 2004The Allocation of Inventory Risk in a Supply Chain: Push, Pull, and Advance-Purchase Discount Contracts 1997An ordering policy for deteriorating items with allowable shortage and permissible delay in payment

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