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Developing a partial backlogging deteriorating inventory model with selling price dependant demand rate and cycle length dependant selling price

Haji, A ; Sharif University of Technology | 2008

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  1. Type of Document: Article
  2. DOI: 10.1109/IEEM.2008.4737859
  3. Publisher: 2008
  4. Abstract:
  5. In this paper, we develop an inventory model with price dependant demand rate, under time value of money and inflation, finite time horizon, exponential backlogging rate and exponential deterioration rate with the objective of maximizing the present worth of the total system profit. Using a dynamic programming based solution algorithm, we are able to find the optimal sequence of the cycles and also to obtain different optimal selling prices and optimal order quantities for the cycles with unequal lengths, which have never been done before for our model. We also use a proper numerical example to show accuracy of the solution procedure. © 2008 IEEE
  6. Keywords:
  7. Costs ; Deterioration ; Inventory control ; Optimization ; Resource valuation ; Sales ; Systems engineering ; Cycle lengths ; Demand rates ; Finite time horizons ; Inventory models ; Numerical examples ; Optimal order quantities ; Optimal selling prices ; Optimal sequences ; Partial backlogging ; Present worth ; Selling prices ; Solution algorithms ; Solution procedures ; Time value of monies ; Unequal lengths ; Dynamic programming
  8. Source: 2008 IEEE International Conference on Industrial Engineering and Engineering Management, IEEM 2008, Singapore, 8 December 2008 through 11 December 2008 ; January , 2008 , Pages 198-202 ; 9781424426300 (ISBN)
  9. URL: https://ieeexplore.ieee.org/document/4737859