Retailer’s optimal strategy for fixed lifetime products

Biswajit Sarkar; Sumon Sarkar; Won Young Yun

doi:10.1007/s13042-015-0393-y

Retailer’s optimal strategy for fixed lifetime products

Biswajit Sarkar, Sumon Sarkar, Won Young Yun

Department of Industrial Engineering

Research output: Contribution to journal › Article

13 Citations (Scopus)

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	https://doi.org/10.1007/s13042-015-0393-y
Publication status	Published - 2016 Feb 1

All Science Journal Classification (ASJC) codes

Software
Computer Vision and Pattern Recognition
Artificial Intelligence

Access to Document

10.1007/s13042-015-0393-y

Fingerprint Dive into the research topics of 'Retailer’s optimal strategy for fixed lifetime products'. Together they form a unique fingerprint.

Cite this

Sarkar, B., Sarkar, S., & Yun, W. Y. (2016). Retailer’s optimal strategy for fixed lifetime products. International Journal of Machine Learning and Cybernetics, 7(1), 121-133. https://doi.org/10.1007/s13042-015-0393-y

@article{0bdff9b022494bf69ea67e377d9e45f2,

title = "Retailer{\textquoteright}s optimal strategy for fixed lifetime products",

abstract = "This model illustrates an inventory model to obtain retailer{\textquoteright}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).",

author = "Biswajit Sarkar and Sumon Sarkar and Yun, {Won Young}",

year = "2016",

month = feb,

day = "1",

doi = "10.1007/s13042-015-0393-y",

language = "English",

volume = "7",

pages = "121--133",

journal = "International Journal of Machine Learning and Cybernetics",

issn = "1868-8071",

publisher = "Springer Science + Business Media",

number = "1",

}

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 -