Development of optimal ordering strategy, with power demand and changeable deterioration under allowable delay in payments. (25th August 2022)

• Record Type: Journal Article
• Authors: Tripathi, R.P.; Mishra, Sachin
• Is Part Of: International journal of information and decision sciences. Volume 14:Number 3(2022)
• Page Start: 289
• Page End: 309
• Publication Date: 2022-08-25
• Subjects: inventory -- expiration -- spoilage -- trade credit -- power demand; Decision making -- Periodicals; Decision support systems -- Periodicals; Management science -- Periodicals; 658.40305
• Languages: English
• ISSNs: 1756-7017

Abstract

In the present competitive trade world, each business would like to compose extra income by means of less investment. In view of an economic ordering quantity (EOQ) system by variable deterioration our objective is to learn the effect of fixed lifetime items under trade credits. At the present scenario, in any selling operation, a broker regularly offers the retailer a permissible delay phase. Some commodities like vegetables, fruits, liquids, pharmaceuticals, and volatile liquids, deteriorate continuously up to termination dates. This study considers an inventory model for power demand with deterioration at their highest life time. Two different cases are discussed, including a sub-case. Mathematical formulation is given for two unlike circumstances to demonstrate the proposed model. Condensed Taylor's series is applied in favour of exponential terms for judging blocked form explanation. Numerical designs and sensitivity investigation are made available to reveal the model.