Product Replacement Policy in a Production Inventory Model with Replacement Period-, Stock-, and Price-Dependent Demand
In the competitive market situation, several companies confer various types of incentives and facilities during product sell to their customers with certain terms and conditions. For the products such as mobile, TV, water purifiers, marshal products, and many more, its corresponding companies offer...
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| Format: | Article |
| Language: | English |
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Wiley
2020-01-01
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| Series: | Journal of Mathematics |
| Online Access: | http://dx.doi.org/10.1155/2020/6697279 |
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| author | Subhajit Das Amalesh Kumar Manna Emad E. Mahmoud Kholod M. Abualnaja Abdel-Haleem Abdel-Aty Ali Akbar Shaikh |
| author_facet | Subhajit Das Amalesh Kumar Manna Emad E. Mahmoud Kholod M. Abualnaja Abdel-Haleem Abdel-Aty Ali Akbar Shaikh |
| author_sort | Subhajit Das |
| collection | DOAJ |
| description | In the competitive market situation, several companies confer various types of incentives and facilities during product sell to their customers with certain terms and conditions. For the products such as mobile, TV, water purifiers, marshal products, and many more, its corresponding companies offer replacement facility during the guarantee period to enhance the customers’ demand. In this study, we have formulated a production inventory model with considering product’s replacement facility of the failure product within guarantee periods to their customers. This work also leads two vital assumptions: (i) customers’ demand is depending on the replacement period, stock level, and selling price of the product and (ii) the rate of replacement loss of manufacturer’s capital is dependent on the replacement period, and it is a nonlinear function. Since the corresponding optimization problem is highly nonlinear, we have solved it by MATHEMATICA software. The concavity of the centre of interval-valued average profit of the proposed model is shown graphically. In order to justify the validity of the proposed model, a numerical example is considered and solved. Finally, the sensitivity analyses are carried out with respect to the different model parameters. |
| format | Article |
| id | doaj-art-430dc76e447d4872bf1b1b556c114ad8 |
| institution | Kabale University |
| issn | 2314-4629 2314-4785 |
| language | English |
| publishDate | 2020-01-01 |
| publisher | Wiley |
| record_format | Article |
| series | Journal of Mathematics |
| spelling | doaj-art-430dc76e447d4872bf1b1b556c114ad82025-02-03T06:46:58ZengWileyJournal of Mathematics2314-46292314-47852020-01-01202010.1155/2020/66972796697279Product Replacement Policy in a Production Inventory Model with Replacement Period-, Stock-, and Price-Dependent DemandSubhajit Das0Amalesh Kumar Manna1Emad E. Mahmoud2Kholod M. Abualnaja3Abdel-Haleem Abdel-Aty4Ali Akbar Shaikh5Department of Mathematics, The University of Burdwan, Burdwan-713104, IndiaDepartment of Mathematics, The University of Burdwan, Burdwan-713104, IndiaDepartment of Mathematics and Statistics, College of Science, Taif University, P.O. Box 11099, Taif 21944, Saudi ArabiaDepartment of Mathematics, Faculty of Applied Science, Umm Al-Qura University, P.O. Box 14949, Makkah, Saudi ArabiaDepartment of Physics, College of Sciences, University of Bisha, P.O. Box 344, Bisha 61922, Saudi ArabiaDepartment of Mathematics, The University of Burdwan, Burdwan-713104, IndiaIn the competitive market situation, several companies confer various types of incentives and facilities during product sell to their customers with certain terms and conditions. For the products such as mobile, TV, water purifiers, marshal products, and many more, its corresponding companies offer replacement facility during the guarantee period to enhance the customers’ demand. In this study, we have formulated a production inventory model with considering product’s replacement facility of the failure product within guarantee periods to their customers. This work also leads two vital assumptions: (i) customers’ demand is depending on the replacement period, stock level, and selling price of the product and (ii) the rate of replacement loss of manufacturer’s capital is dependent on the replacement period, and it is a nonlinear function. Since the corresponding optimization problem is highly nonlinear, we have solved it by MATHEMATICA software. The concavity of the centre of interval-valued average profit of the proposed model is shown graphically. In order to justify the validity of the proposed model, a numerical example is considered and solved. Finally, the sensitivity analyses are carried out with respect to the different model parameters.http://dx.doi.org/10.1155/2020/6697279 |
| spellingShingle | Subhajit Das Amalesh Kumar Manna Emad E. Mahmoud Kholod M. Abualnaja Abdel-Haleem Abdel-Aty Ali Akbar Shaikh Product Replacement Policy in a Production Inventory Model with Replacement Period-, Stock-, and Price-Dependent Demand Journal of Mathematics |
| title | Product Replacement Policy in a Production Inventory Model with Replacement Period-, Stock-, and Price-Dependent Demand |
| title_full | Product Replacement Policy in a Production Inventory Model with Replacement Period-, Stock-, and Price-Dependent Demand |
| title_fullStr | Product Replacement Policy in a Production Inventory Model with Replacement Period-, Stock-, and Price-Dependent Demand |
| title_full_unstemmed | Product Replacement Policy in a Production Inventory Model with Replacement Period-, Stock-, and Price-Dependent Demand |
| title_short | Product Replacement Policy in a Production Inventory Model with Replacement Period-, Stock-, and Price-Dependent Demand |
| title_sort | product replacement policy in a production inventory model with replacement period stock and price dependent demand |
| url | http://dx.doi.org/10.1155/2020/6697279 |
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