Abstract
This model illustrates an inventory model to obtain retailer’s optimal replenishment policy for deteriorating items with fixed lifetime, shortages, and time dependent backorder rate. The backorder rate is assumed as a decreasing function of waiting time up to the next replenishment. The aim is to minimize the total relevant cost of the system. The necessary and sufficient conditions are derived analytically. Some lemmas are established for the existence and uniqueness of optimal solution. Finally, some numerical examples, sensitivity analysis, comparison with other models, study of non-considering lifetime of products along with graphical representations are provided to illustrate the proposed model. From the numerical example, this model proves more savings than Wu et al. (Int J Prod Econ 101:369–384, 2006).
| Original language | English |
|---|---|
| Pages (from-to) | 121-133 |
| Number of pages | 13 |
| Journal | International Journal of Machine Learning and Cybernetics |
| Volume | 7 |
| Issue number | 1 |
| DOIs | |
| Publication status | Published - 2016 Feb 1 |
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All Science Journal Classification (ASJC) codes
- Software
- Computer Vision and Pattern Recognition
- Artificial Intelligence
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Retailer’s optimal strategy for fixed lifetime products. / Sarkar, Biswajit; Sarkar, Sumon; Yun, Won Young.
In: International Journal of Machine Learning and Cybernetics, Vol. 7, No. 1, 01.02.2016, p. 121-133.Research output: Contribution to journal › Article
TY - JOUR
T1 - Retailer’s optimal strategy for fixed lifetime products
AU - Sarkar, Biswajit
AU - Sarkar, Sumon
AU - Yun, Won Young
PY - 2016/2/1
Y1 - 2016/2/1
N2 - This model illustrates an inventory model to obtain retailer’s optimal replenishment policy for deteriorating items with fixed lifetime, shortages, and time dependent backorder rate. The backorder rate is assumed as a decreasing function of waiting time up to the next replenishment. The aim is to minimize the total relevant cost of the system. The necessary and sufficient conditions are derived analytically. Some lemmas are established for the existence and uniqueness of optimal solution. Finally, some numerical examples, sensitivity analysis, comparison with other models, study of non-considering lifetime of products along with graphical representations are provided to illustrate the proposed model. From the numerical example, this model proves more savings than Wu et al. (Int J Prod Econ 101:369–384, 2006).
AB - This model illustrates an inventory model to obtain retailer’s optimal replenishment policy for deteriorating items with fixed lifetime, shortages, and time dependent backorder rate. The backorder rate is assumed as a decreasing function of waiting time up to the next replenishment. The aim is to minimize the total relevant cost of the system. The necessary and sufficient conditions are derived analytically. Some lemmas are established for the existence and uniqueness of optimal solution. Finally, some numerical examples, sensitivity analysis, comparison with other models, study of non-considering lifetime of products along with graphical representations are provided to illustrate the proposed model. From the numerical example, this model proves more savings than Wu et al. (Int J Prod Econ 101:369–384, 2006).
UR - http://www.scopus.com/inward/record.url?scp=84954220304&partnerID=8YFLogxK
UR - http://www.scopus.com/inward/citedby.url?scp=84954220304&partnerID=8YFLogxK
U2 - 10.1007/s13042-015-0393-y
DO - 10.1007/s13042-015-0393-y
M3 - Article
AN - SCOPUS:84954220304
VL - 7
SP - 121
EP - 133
JO - International Journal of Machine Learning and Cybernetics
JF - International Journal of Machine Learning and Cybernetics
SN - 1868-8071
IS - 1
ER -