An Inventory Model for Non-Instantaneously Deteriorating Items with Nonlinear Stock-Dependent Demand, Hybrid Payment Scheme and Partially Backlogged Shortages

This research work presents an inventory model that involves non-instantaneous deterioration, nonlinear stock-dependent demand, and partially backlogged shortages by considering the length of the waiting time under a hybrid prepayment and cash-on-delivery scheme. The corresponding inventory problem...

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Bibliographic Details
Published in:Mathematics (Basel) 2022-02, Vol.10 (3), p.434
Main Authors: Khan, Md Al-Amin, Shaikh, Ali Akbar, Cárdenas-Barrón, Leopoldo Eduardo, Mashud, Abu Hashan Md, Treviño-Garza, Gerardo, Céspedes-Mota, Armando
Format: Article
Language:English
Subjects:
Consumption
Deterioration
Inventory
Inventory management
Literature reviews
Mathematical models
Mathematics
non-instantaneous deterioration
Optimization
Order quantity
Parameter sensitivity
partial backlogging
Prepayments
Sensitivity analysis
Shopping
Shortages
stock-dependent demand
Suppliers
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Summary:This research work presents an inventory model that involves non-instantaneous deterioration, nonlinear stock-dependent demand, and partially backlogged shortages by considering the length of the waiting time under a hybrid prepayment and cash-on-delivery scheme. The corresponding inventory problem is formulated as a nonlinear constraint optimization problem. The theoretical results for the unique optimal solution are presented, and eight special cases are also identified. Moreover, a salient theoretical result is provided: a certain condition where the optimal inventory policy may or may not involve deterioration. Finally, two numerical examples are provided using a sensitivity analysis to show the validity range of the inventory parameters.
ISSN:2227-7390
2227-7390
DOI:10.3390/math10030434