In this article, we extend Cheng, Zhang and Wang [17] model studied pricing strategies in marketing. The objective is to find the optimal inventory and pricing strategies maximizing the net present value of total profit over the infinite horizon. It is important to control and maintain the inventories of deteriorating items for the modern corporation. We will discuss two models: one is without shortage, and the other is with shortage. By using the subroutine Find Root in commercial software Mathematical 5.2, we obtain the optimal solutions In this paper, we assume that the inventory objective is to minimize the total cost per unit time of the syste
This study proposes a single-supplier, singleretailer inventory and pricing strategies for deteriorating items with ramp type demand and a fixed shelf-life under shortage. In practice, there are many commodity such as food, medication exist the shelf life. Therefore the shelf life expiration date has become an important research topic in inventory management. We will discuss three cases. We assume that the inventory objective is to minimize the total cost per unit time of the system. By using the subroutine FindRoot in commercial software Mathematica 5.2, we obtain the optimal solutions Index Terms-Ramp Type Demand Rate; Deteriorating Items; Backlogging I.
scite is a Brooklyn-based organization that helps researchers better discover and understand research articles through Smart Citations–citations that display the context of the citation and describe whether the article provides supporting or contrasting evidence. scite is used by students and researchers from around the world and is funded in part by the National Science Foundation and the National Institute on Drug Abuse of the National Institutes of Health.