Inventory Model for Instantaneously Deteriorating Items with Multiple Trade Facilities, Stock- and Price-Dependent Demand, and Full Backlogging
This paper formulates six inventory models for products with instantaneous deterioration, focusing on the impacts of full and partial advance payment structures. The demand function depends on both price and stock levels and accounts for shortages through full backlogging. The primary objective is t...
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| Format: | Article |
| Language: | English |
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MDPI AG
2024-12-01
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| Series: | Computation |
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| Online Access: | https://www.mdpi.com/2079-3197/12/12/244 |
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| author | Rabeya Sarker Md. Sharif Uddin Md Abu Helal Aminur Rahman Khan Ali AlArjani El-Awady Attia |
| author_facet | Rabeya Sarker Md. Sharif Uddin Md Abu Helal Aminur Rahman Khan Ali AlArjani El-Awady Attia |
| author_sort | Rabeya Sarker |
| collection | DOAJ |
| description | This paper formulates six inventory models for products with instantaneous deterioration, focusing on the impacts of full and partial advance payment structures. The demand function depends on both price and stock levels and accounts for shortages through full backlogging. The primary objective is to determine the optimal payment policy under varying trade facilities, analyzing six distinct payment scenarios commonly employed in business practice. Each model is presented with closed-form solutions and supported by mathematical formulations. For each case, algorithms and mathematical proofs are developed to determine the optimal cycle duration and corresponding unit cost. Numerical examples and 2D graphical representations generated using MATLAB are included to validate the proposed models. Additionally, a sensitivity analysis is conducted to examine the effects of each payment policy and parameter variation, providing key managerial insights into payment planning in inventory management. |
| format | Article |
| id | doaj-art-6ceead6d181c4d4aa89161ec2e90e4ef |
| institution | DOAJ |
| issn | 2079-3197 |
| language | English |
| publishDate | 2024-12-01 |
| publisher | MDPI AG |
| record_format | Article |
| series | Computation |
| spelling | doaj-art-6ceead6d181c4d4aa89161ec2e90e4ef2025-08-20T02:55:32ZengMDPI AGComputation2079-31972024-12-01121224410.3390/computation12120244Inventory Model for Instantaneously Deteriorating Items with Multiple Trade Facilities, Stock- and Price-Dependent Demand, and Full BackloggingRabeya Sarker0Md. Sharif Uddin1Md Abu Helal2Aminur Rahman Khan3Ali AlArjani4El-Awady Attia5Department of Mathematics, Jahangirnagar University, Dhaka 1342, BangladeshIndustrial Engineering Department, College of Engineering, Prince Sattam Bin Abdulaziz University, Al-Kharj 11942, Saudi ArabiaInformation Systems and Operations Management, University of Texas at Arlington, Arlington, TX 76019, USADepartment of Mathematics, Jahangirnagar University, Dhaka 1342, BangladeshIndustrial Engineering Department, College of Engineering, Prince Sattam Bin Abdulaziz University, Al-Kharj 11942, Saudi ArabiaIndustrial Engineering Department, College of Engineering, Prince Sattam Bin Abdulaziz University, Al-Kharj 11942, Saudi ArabiaThis paper formulates six inventory models for products with instantaneous deterioration, focusing on the impacts of full and partial advance payment structures. The demand function depends on both price and stock levels and accounts for shortages through full backlogging. The primary objective is to determine the optimal payment policy under varying trade facilities, analyzing six distinct payment scenarios commonly employed in business practice. Each model is presented with closed-form solutions and supported by mathematical formulations. For each case, algorithms and mathematical proofs are developed to determine the optimal cycle duration and corresponding unit cost. Numerical examples and 2D graphical representations generated using MATLAB are included to validate the proposed models. Additionally, a sensitivity analysis is conducted to examine the effects of each payment policy and parameter variation, providing key managerial insights into payment planning in inventory management.https://www.mdpi.com/2079-3197/12/12/244instantaneous deteriorating itemsfully backloggeddiscountstock- and price-dependent demandinventory model |
| spellingShingle | Rabeya Sarker Md. Sharif Uddin Md Abu Helal Aminur Rahman Khan Ali AlArjani El-Awady Attia Inventory Model for Instantaneously Deteriorating Items with Multiple Trade Facilities, Stock- and Price-Dependent Demand, and Full Backlogging Computation instantaneous deteriorating items fully backlogged discount stock- and price-dependent demand inventory model |
| title | Inventory Model for Instantaneously Deteriorating Items with Multiple Trade Facilities, Stock- and Price-Dependent Demand, and Full Backlogging |
| title_full | Inventory Model for Instantaneously Deteriorating Items with Multiple Trade Facilities, Stock- and Price-Dependent Demand, and Full Backlogging |
| title_fullStr | Inventory Model for Instantaneously Deteriorating Items with Multiple Trade Facilities, Stock- and Price-Dependent Demand, and Full Backlogging |
| title_full_unstemmed | Inventory Model for Instantaneously Deteriorating Items with Multiple Trade Facilities, Stock- and Price-Dependent Demand, and Full Backlogging |
| title_short | Inventory Model for Instantaneously Deteriorating Items with Multiple Trade Facilities, Stock- and Price-Dependent Demand, and Full Backlogging |
| title_sort | inventory model for instantaneously deteriorating items with multiple trade facilities stock and price dependent demand and full backlogging |
| topic | instantaneous deteriorating items fully backlogged discount stock- and price-dependent demand inventory model |
| url | https://www.mdpi.com/2079-3197/12/12/244 |
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