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Replenishment policy for deteriorating items with trade credit and allowable shortages under inflationary environment

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  • S.R. Singh
  • Shilpy Tayal
  • Anjali Gaur

Abstract

In this paper we have developed an inventory model for deteriorating items in which demand of the product is a function of expiration date. In such cases the demand for the product generally decreases as the product is nearer to its expiration date. The different cases based on the allowed trade credit period have been discussed under inflationary environment. Shortages are allowed and partially backlogged. To exemplify this model numerical examples for all the cases and sensitivity analysis with respect to important parameters have been provided. The convexities graphs and the variation in total cost with the changes in parameters are represented with the help of the graph. The objective of this paper is to find out the optimal ordering quantity by which one can minimise the total associated cost of the system.

Suggested Citation

  • S.R. Singh & Shilpy Tayal & Anjali Gaur, 2020. "Replenishment policy for deteriorating items with trade credit and allowable shortages under inflationary environment," International Journal of Process Management and Benchmarking, Inderscience Enterprises Ltd, vol. 10(4), pages 462-478.
    • Handle: RePEc:ids:ijpmbe:v:10:y:2020:i:4:p:462-478
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