An Inventory Model for Deteriorating Items with Stock and Price Sensitive Demand

Chowdhury, R. Roy; Ghosh, Santanu Kumar; Chaudhuri, Kripasindhu

doi:10.1007/s40819-014-0011-9

Cited by 22 publications

(6 citation statements)

References 24 publications

(24 reference statements)

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“…Experimentation with the lot size of inventory for perishable goods has been done by including expiration dates and advance payments [41]. The model for deteriorating inventory based on inventory management modes and inventory demand is proposed by Bakker et al [4], and the model for a perishable items with deteriorating inventory with pricing problems is proposed by Chowdhury et al [42] and Chang et al [43]. Keeping an element of perishability, price change, and decrease in demand, a two-echelon supply chain model is presented by Wang and Lin [44] to develop an optimal replenishment policy.…”

Section: Literature Reviewmentioning

confidence: 99%

Multi-Product Multi Echelon Measurements of Perishable Supply Chain: Fuzzy Non-Linear Programming Approach

et al. 2021

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The perishable milk products industry has to deal with multiple pressures such as demand forecasting, price fluctuations, lead time, order batching, and inflated orders along with difficulties of climatic and traffic conditions, storage areas and shipment in unfavorable circumstances. The Indian dairy industry faces immense wattage issue due to improper infrastructure for the cold chain storage facilities, resulting in unsatisfied customers. A study is undertaken to comprehend the supply chain framework that handles perishability issues in production and distribution. Researchers propose a multi-objective mixed-integer non-linear supply chain coordination model under uncertain environments to minimize the cost of transportation, offset wastage of products and neutralize the losses due to insufficiencies of transit and storage amenities. The proposed model is meant for managing the delivery with lesser deterioration losses for producers, warehouses, and retailers. The model considers various costs for holding, halting, discounts on purchased cost, transportation cost for truckload policy under regular and unforeseen circumstances of curfew, and identify the rate of deterioration to know the impact on the cost for all players involved in the SCM framework. To handle uncertainty of objective functions, fuzzy set concepts and the defuzzification method are imposed, and fuzzy non-linear programming algorithms are used to get the single objective function from the defuzzified multi-objective functions. Data analysis is done on Lingo 18.0 software. Rate of deterioration is highest for the warehouse, which indicates that efforts should be made to augment warehouse facilities for less spoilage to reduce losses in cost. Finally, the study ends with main findings, conclusions, limitations and future scopes.

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Section: Literature Reviewmentioning

confidence: 99%

Multi-Product Multi Echelon Measurements of Perishable Supply Chain: Fuzzy Non-Linear Programming Approach

et al. 2021

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“…[19] developed and investigated an EPQ model for deteriorating items with price-sensitive demand and shortages. Some items are seasonal and their demand is also based as per their need and season, so, by considering this fact in mind, [20]explained and presented an inventory model by allowable shortages and deteriorating items having seasonal and stock-dependent demand. The demand in most of the study was assumed to be single parameter based but [21] assumed the demand a function of price and stock dependent and presented an optimal pricing and ordering policy for deterioration under partial backlogging.…”

Section: Introductionmentioning

confidence: 99%

An Inventory Control Model for Deteriorating Items Under Demand Dependent Production with Time and Stock Dependent Demand

Sharma¹,

Tyagi²,

Verma³

et al. 2022

International Journal of Operations and Quantitative Management

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In inventory control models where most of the studies are focused on demand, it is obvious that the profit can only be improved by handling the demand of the items according to the fluctuations and pattern of the market ups and downs. In most of the models, demand is taken as time-dependent, pricedependent, and stock-dependent for one complete cycle of the model, which is not realistic in the case of low-life products with a high rate of deterioration like milk products, vegetables. It is also not possible to fix the demand for such items for the entire cycle of the model. In the current study, we have assumed different demands at the different stage of the model which can help to improve the profit as well as to control the deterioration. We have assumed timedependent demand from the initial to the end of the stock level, after that we have assumed demand as price dependent which is the key of the current study and a better approach for handling low-life items. For low-life items, production is also a very important key parameter as it can directly affect the profit. Therefore, in the current study, we have assumed production of items as demand dependent and deterioration is taken time-dependent, a shortage is allowed under partial backlogging. The model is validated by taking numerical data along with a real example based on the model.

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“…For example, items like foodstuff, pharmaceuticals, chemicals, etc., deteriorate significantly. Many researchers like ( [2,5,17,22,23,26] etc. ), assumed, for simplicity, that items deteriorate at a constant rate.…”

Section: Introductionmentioning

confidence: 99%

An EOQ Model with Time Dependent Weibull Deterioration, Quadratic Demand and Partial Backlogging

Mishra

2015

Int. J. Appl. Comput. Math

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This paper presents an order level inventory system with time dependent Weibull deterioration and quadratic demand rate where holding costs as a linear function of time. The proposed model considered here to allows for shortages, and the demand is partially backlogged. The model is solved analytically by minimizing the total inventory cost. The implementation of the proposed model is illustrated using some numerical examples. Sensitivity analysis is performed to show the effect of changes in the parameters on the optimum solution.

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An Inventory Model for Deteriorating Items with Stock and Price Sensitive Demand

Cited by 22 publications

References 24 publications

Multi-Product Multi Echelon Measurements of Perishable Supply Chain: Fuzzy Non-Linear Programming Approach

Multi-Product Multi Echelon Measurements of Perishable Supply Chain: Fuzzy Non-Linear Programming Approach

An Inventory Control Model for Deteriorating Items Under Demand Dependent Production with Time and Stock Dependent Demand

An EOQ Model with Time Dependent Weibull Deterioration, Quadratic Demand and Partial Backlogging

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