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An integrated inventory model involving discrete setup cost reduction, variable safety factor, selling-price dependent demand, and investment

Title
An integrated inventory model involving discrete setup cost reduction, variable safety factor, selling-price dependent demand, and investment
Author
Sarkar, Biswajit
Keywords
Discrete setup cost reduction; Poisson distributed leadtime; variable safety factor; selling-price-dependent demand; shortage
Issue Date
2018-09
Publisher
EDP SCIENCES S A
Citation
RAIRO-OPERATIONS RESEARCH, v. 53, No. 1, Page. 39 - 57
Abstract
This paper develops a sustainable integrated inventory model for maximizing profit with a controllable lead time, discrete setup cost reduction, and consideration of environmental issues. Contrary to the available literature, this paper considers a discrete setup cost for the vendor, thus making the integrated model sustainable. The customer’s demand is assumed to be selling-price dependent to increase the number of sales, and the lead time demand follows a Poisson distribution. The integrated model is used to optimized the total shipment number, volume of shipments, safety factor, investments, selling-price, and probability of moving between the “in-control” to “out-of-control” states. An algorithm is developed to obtain the numerical results. Numerical examples and sensitivity analyses are given to illustrate the model.
URI
https://www.rairo-ro.org/articles/ro/abs/2019/01/ro170324/ro170324.htmlhttps://repository.hanyang.ac.kr/handle/20.500.11754/105709
ISSN
0399-0559
DOI
10.1051/ro/2018009
Appears in Collections:
COLLEGE OF ENGINEERING SCIENCES[E](공학대학) > INDUSTRIAL AND MANAGEMENT ENGINEERING(산업경영공학과) > Articles
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