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An inventory model for deteriorating items with imperfect quality under advance payment policy

Nath Biman Kanti, Sen Nabendu

Operations Research and Decisions

2021

Vol. 31, No. 3

109--135

In the business world, it is generally observed that the supplier gives a cash discount due to advance payment. The buyer may either pay off the total purchase cost or a fraction of the total purchase cost before receiving the products. If the buyer makes full payment then he receives a cash discount instantly. If the buyer pays a fraction of the total purchase cost, then (s)he receives the cash discount while paying the remaining amount at the time of receiving the lot. Moreover, in most of the inventory models, it is generally assumed that the delivered lot contains only perfect items. But in reality, the presence of imperfect items in the received lot cannot be overlooked as it will affect the total profit of the system. Thus, the study of inventory models considering the presence of imperfect items in the lot makes the model more realistic and it has received much attention from inventory managers. This paper develops a model that jointly considers imperfect quality items and the concept of an advance payment scheme (full and partial). The objective is to determine optimal ordering quantity to maximise the total profit of the system. The necessary theoretical results showing the existence of global maximum is derived. The model is illustrated with the help of numerical examples, and sensitivity analysis is carried out on some important system parameters to see the effects on the total profit of the system. The study shows that a full advance payment scheme is beneficial for the buyer.

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

Khanna A., Kishore A., Jaggi C. K.

Control and Cybernetics

2016

Vol. 45, no. 1

37--82

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.