Control of Non-instantaneous Degrading Inventory under Trade Credit and Partial Backlogging
DOI:
https://doi.org/10.31181/oresta111221122mKeywords:
Inventory control, Weibull deterioration, price-sensitive demand, trade credit, non-instantaneous deteriorationAbstract
Inventory management is an extremely difficult task. It has become usual practice for a provider during the last few decades to provide a retailer with a credit term. In this article, a non-instantly degradable products inventory system is built with a price-sensitive demand and a Weibull credit term allocation reduction rate. Some backlogged deficiencies are permitted. The aim is to maximize the total profit in this study by taking three cases into account. Numerical examples, graphical representations and sensitivity analysis demonstrate the application of the approach developed in this study.
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