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http://yadda.icm.edu.pl:80/baztech/element/bwmeta1.element.baztech-d5723a30-6720-4694-9d43-d9f9fc936798

Czasopismo

Control and Cybernetics

Tytuł artykułu

Impact of inflation and trade credit policy in an inventory model for imperfect quality items with allowable shortages

Autorzy Khanna, A.  Kishore, A.  Jaggi, C. K. 
Treść / Zawartość
Warianty tytułu
Języki publikacji EN
Abstrakty
EN Retail businesses must constantly evolve with new strategies introduced in order to meet and even to exceed customers’ expectations. This effort can be enhanced by incorporating inspection processes in business routines that will maximize the effectiveness of attempts to sell quality products. Further, permissible delay in payments has certainly been a prominent strategy in today’s business transactions, helping in gaining the financial advantage for both the retailers and the suppliers. Moreover, in order to recognize the proper and exact timing of cash flows associated with an inventory system, inflation and time value of money should also be incorporated. Considering all the above described real life aspects and problems, a model is formulated here to study the combined effect of imperfect quality items, trade credit, shortages, inflation and time value of money on an inventory system. An analytical method is employed to jointly optimize the order quantity and the shortages. To study the behavior and application of the proposed model, a numerical example, including sensitivity analysis, has been analyzed. The potential applications, improving the decision making process of the model introduced can be found in industries like textile, footwear, plastics, electronics, etc.
Słowa kluczowe
EN inventory   imperfect items   screening   shortages   permissible delay  
Wydawca Systems Research Institute, Polish Academy of Sciences
Czasopismo Control and Cybernetics
Rocznik 2016
Tom Vol. 45, no. 1
Strony 37--82
Opis fizyczny Bibliogr. 42 poz., rys., tab.
Twórcy
autor Khanna, A.
  • Department of Operational Research, Faculty of Mathematical Sciences, New Academic Block, University of Delhi, Delhi 110007, India, dr.aditikhanna.or@gmail.com
autor Kishore, A.
  • Department of Operational Research, Faculty of Mathematical Sciences, New Academic Block, University of Delhi, Delhi 110007, India, kishore.aakanksha@gmail.com
autor Jaggi, C. K.
  • Department of Operational Research, Faculty of Mathematical Sciences, New Academic Block, University of Delhi, Delhi 110007, India, ckjaggi@yahoo.com
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Uwagi
PL Opracowanie ze środków MNiSW w ramach umowy 812/P-DUN/2016 na działalność upowszechniającą naukę.
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