Retailer’s optimal strategy for fixed lifetime products

Biswajit Sarkar, Sumon Sarkar, Won Young Yun

Research output: Contribution to journalArticle

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 languageEnglish
Pages (from-to)121-133
Number of pages13
JournalInternational Journal of Machine Learning and Cybernetics
Volume7
Issue number1
DOIs
Publication statusPublished - 2016 Feb 1

All Science Journal Classification (ASJC) codes

  • Software
  • Computer Vision and Pattern Recognition
  • Artificial Intelligence

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