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Title: Inventory system with expiration date: pricing and replenishment decisions
Authors: Khan, Md. Al-Amin
Shaikh, Ali Akbar
Panda, Gobinda Chandra
Konstantaras, Ioannis
Taleizadeh, Ata Allah
Type: Article
Subjects: FRASCATI::Natural sciences::Mathematics
FRASCATI::Social sciences::Economics and Business::Business and Management
Keywords: Inventory
Expiration date
Demand dependent on price
Partial backlogging
Issue Date: Jun-2019
Publisher: Elsevier
Source: Computers & Industrial Engineering
Volume: 132
First Page: 232
Last Page: 247
Abstract: Every product has a life cycle i.e., the product has a certain time period for useable conditions for mankind. After the certain time period, the product is not for useable conditions and which is known as expired product. However, price discount is a very much attractive strategy in the present business situations. Using these two concepts in together, we introduce two supply chain models by assuming the demand of the product to be dependent on price. Also, shortages are considered and these depend on the customer waiting time. In both models, we formulate the problem mathematically, considering price as a decision variable, and prove their optimality. Two proposed solution procedures have been ameliorated and then solved two numerical examples in order to validate our proposed models as well as to compare which model is more economical. Two sensitivity analyses are performed to make a conclusion regarding of our paper.
ISSN: 0360-8352
Other Identifiers: 10.1016/j.cie.2019.04.002
Appears in Collections:Department of Business Administration

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