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Sustainable Inventory Management for Environmental Impact through Partial Backordering and Multi-Trade-Credit-Period

Title
Sustainable Inventory Management for Environmental Impact through Partial Backordering and Multi-Trade-Credit-Period
Author
Sarkar, Biswajit
Keywords
sustainable inventory model; defective items; environmental impact; shortages; multi-delay-in-payment; algebraic approach
Issue Date
2018-12
Publisher
MDPI AG
Citation
SUSTAINABILITY, v. 10, No. 12, Article no. 4761
Abstract
Incorporation of sustainable management for the rework of defective items brings long lasting benefits. In global business, there are situations when the products are procured from a global supplier. There are chances that the received lot may contain a fraction of imperfect products. These imperfect products are still valuable and can be repairable to save the environment. It is sustainable to repair imperfect items in a local repair store as compared to sending it back to the supplier. The cost of carbon emissions is also incorporated in the function to incorporate the environmental impact on total profit. Meanwhile, the supplier also offers a multi-trade-credit-period to the buyer. The developed model is sustainable and reduces the environmental impact as well as benefits for interim financing. This paper has an objective to maximize the total profit by developing a synergic economic order quantity model by considering multi-trade-credit policy, rework, and shortages simultaneously. This model can help in making decisions to enhance the performance of sustainable inventory management by controlling the cycle time and a fraction of time for a global supply chain. A non-derivative approach is employed to develop a closed-form optimal result. The numerical illustration with sensitivity analysis is also drawn to provide managerial insights into real practices.
URI
https://www.mdpi.com/2071-1050/10/12/4761/htmhttps://repository.hanyang.ac.kr/handle/20.500.11754/99008
ISSN
2071-1050
DOI
10.3390/su10124761
Appears in Collections:
COLLEGE OF ENGINEERING SCIENCES[E](공학대학) > INDUSTRIAL AND MANAGEMENT ENGINEERING(산업경영공학과) > Articles
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