Abstract
Economic order Quantity (EOQ) for Deteriorating Items with Non-instantaneous Receipt under Trade Credits
Highlights
The deterioration of goods is a realistic phenomenon in much inventory system
Optimal ordering with decaying items under permissible delay in payments, and considered two possible ways for retailer to pay off the loan
In this study we develop an Economic order Quantity (EOQ) model with non-instantaneous receipt under trade credits
Summary
The deterioration of goods is a realistic phenomenon in much inventory system. Maximum items or commodities undergo deterioration over time. Shah and Jaiswal (1977) presented an order level inventory model for deteriorating items with a constant rate of deterioration. Sugapriya and Jeyaraman (2008) considered the economic production quantity for non-instantaneous deteriorating items allowing price discount with constant production and demand rate extending the facility of permissible delay in payments. Choi and Hwang (1986) developed a model determining the production rate for deteriorating items to minimize the total cost function over a finite planning horizon. Raafat (1985) extended Choi and Hwang (1986) model, given in Park (1983) to deal with a case in which the finished product is subject to a constant rate of deterioration. Ouyang et al(2004) developed an inventory system with non-instantaneous receipt under condition of permissible delay in payments. Sugapriya and Jeyaraman (2008) considered the economic production quantity for non-instantaneous deteriorating items allowing price discount with constant production and demand rate extending the facility of permissible delay in payments. Choi and Hwang (1986) developed a model determining the production rate for deteriorating items to minimize the total cost function over a finite planning horizon. Raafat (1985) extended Choi and Hwang (1986) model, given in Park (1983) to deal with a case in which the finished product is subject to a constant rate of deterioration. Yang and Wee (2003) presented a multi- lot- size production inventory system for decaying items with constant demand and production rates. Ghiami et al (2013) investigated a two-echelon supply chain model for deteriorating inventory in which the retailer’s warehouse has a limited capacity. Ouyang and Cheng (2008) presented the
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