Product Replacement Policy in a Production Inventory Model with Replacement Period-, Stock-, and Price-Dependent Demand

Abstract

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.

Impact of emission and service constraint for an imperfect production system under two level Hamiltonian

“…After that, Ruidas et al 39 and Manna et al 25 considered demand rate dependent production rate in their respective proposed production models. Later, References Das et al, [40][41][42] and Das et al, 43 developed imperfect production inventory models considering time-varying production rates. Further, Manna et al 25 formulated a production inventory model considering interval valued production rate.…”

“…The best policies of two inventory models were then examined by Zhang et al 63 and Shah et al 64 under service and shared resource restrictions. Das et al 40 and Das et al 41 have created a supply chain network that takes service‐dependent demand into account under unpredictable situations. Recently, Sarkar and Bhuniya 65 formulated a sustainable a manufacturing‐remanufacturing model considering green and service investment.…”

Credit Policy Strategies for Green Product With Expiry Date Dependent Deterioration via Grey Wolf Optimizer

“…Taleizadeh et al [31] introduced a carbon-emitting inventory model with price-related demand that operates with trade agreement credit and partial backordering. Das et al [32] studied a green product production system using an approach of parametric based on intervals and meta-heuristic algorithms with a single-level pay in later facility.…”

Two Level Trade Credit Policy Approach in Inventory Model with Expiration Rate and Stock Dependent Demand under Nonzero Inventory and Partial Backlogged Shortages

“…For instance, Panda et al [23] investigated a two-warehouse inventory model with partial backlogging and trade credit policy for deteriorating items with price-and stock-dependent demand. Das et al [24] analyzed a production inventory model with a replacement period, stock, and price-dependent demand. Banu et al [25] examined the trade credit period and stock-dependent demand rate in a supply chain model with variable imperfect production rates.…”