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Title: Retailer’s optimal ordering policy for deteriorating items with maximum lifetime under supplier’s trade credit financing
Authors: Chen, Sheng-Chih;Teng, Jinn-Tsair
Contributors: 傳播學院
Date: 2014.01
Issue Date: 2014-03-05 17:53:03 (UTC+8)
Abstract: Many products such as fruits, vegetables, pharmaceuticals, volatile liquids, and others not only deteriorate continuously due to evaporation, obsolescence, spoilage, etc. but also have their expiration dates (i.e., a deteriorating item has its maximum lifetime). Although numerous researchers have studied economic order quantity (EOQ) models for deteriorating items, few of them have taken the maximum lifetime of a deteriorating item into consideration. In addition, a supplier frequently offers her/his retailers a permissible delay in payments in order to stimulate sales and reduce inventory. There is no interest charge to a retailer if the purchasing amount is paid to a supplier within the credit period, and vice versa. In this paper, we propose an EOQ model for a retailer when: (1) her/his product deteriorates continuously, and has a maximum lifetime, and (2) her/his supplier offers a permissible delay in payments. We then characterize the retailer’s optimal replenishment cycle time. Furthermore, we discuss a special case for non-deteriorating items. Finally, we run several numerical examples to illustrate the problem and provide some managerial insights.
Relation: Applied Mathematical Modelling, 0(0), 0
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Data Type: article
Appears in Collections:[數位內容碩士學位學程] 期刊論文

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