A comprehensive extension of optimal ordering policy for stock-dependent demand under progressive payment scheme
► Soni and Shah’s model is extended to allow for non-zero ending-inventory, limited inventory space and profit maximization. ► Sufficient conditions for the existence and uniqueness of the optimal solution are established. ► Economic interpretations for the theoretical results are provided. ► The nu...
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| Veröffentlicht in: | European journal of operational research 2011-11, Vol.215 (1), p.97-104 |
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| container_title | European journal of operational research |
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| creator | Teng, Jinn-Tsair Krommyda, Iris-Pandora Skouri, Konstantina Lou, Kuo-Ren |
| description | ► Soni and Shah’s model is extended to allow for non-zero ending-inventory, limited inventory space and profit maximization. ► Sufficient conditions for the existence and uniqueness of the optimal solution are established. ► Economic interpretations for the theoretical results are provided. ► The numerical examples indicate that our optimal solution leads to increase the profit in relation with that of Soni and Shah.
In a recent paper,
Soni and Shah (2008) presented an inventory model with a stock-dependent demand under progressive payment scheme, assuming zero ending-inventory and adopting a cost-minimization objective. However, with a stock-dependent demand a non-zero ending stock may increase profits resulting from the increased demand. This work is motivated by
Soni and Shah’s (2008) paper extending their model to allow for: (1) a non-zero ending-inventory, (2) a profit-maximization objective, (3) a limited inventory capacity and (4) deteriorating items with a constant deterioration rate. For the resulted model sufficient conditions for the existence and uniqueness of the optimal solution are provided. Finally, several economic interpretations of the theoretical results are also given. |
| doi_str_mv | 10.1016/j.ejor.2011.05.056 |
| format | Article |
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In a recent paper,
Soni and Shah (2008) presented an inventory model with a stock-dependent demand under progressive payment scheme, assuming zero ending-inventory and adopting a cost-minimization objective. However, with a stock-dependent demand a non-zero ending stock may increase profits resulting from the increased demand. This work is motivated by
Soni and Shah’s (2008) paper extending their model to allow for: (1) a non-zero ending-inventory, (2) a profit-maximization objective, (3) a limited inventory capacity and (4) deteriorating items with a constant deterioration rate. For the resulted model sufficient conditions for the existence and uniqueness of the optimal solution are provided. Finally, several economic interpretations of the theoretical results are also given.</description><identifier>ISSN: 0377-2217</identifier><identifier>EISSN: 1872-6860</identifier><identifier>DOI: 10.1016/j.ejor.2011.05.056</identifier><identifier>CODEN: EJORDT</identifier><language>eng</language><publisher>Amsterdam: Elsevier B.V</publisher><subject>Applied sciences ; Demand ; Deteriorating items ; Deterioration ; Economics ; Exact sciences and technology ; Inventories ; Inventory ; Inventory control, production control. Distribution ; Inventory management ; Inventory Stock-dependent demand Progressive payment scheme Deteriorating items ; Marketing ; Operational research and scientific management ; Operational research. Management science ; Operations research ; Optimization ; Payment systems ; Progressive payment scheme ; Raw materials ; Stock-dependent demand ; Stockpiling ; Studies</subject><ispartof>European journal of operational research, 2011-11, Vol.215 (1), p.97-104</ispartof><rights>2011 Elsevier B.V.</rights><rights>2015 INIST-CNRS</rights><rights>Copyright Elsevier Sequoia S.A. Nov 16, 2011</rights><lds50>peer_reviewed</lds50><woscitedreferencessubscribed>false</woscitedreferencessubscribed><citedby>FETCH-LOGICAL-c488t-4e7241c46f19b2f64de65f3990b79f6395323e318daf23aa412c5e00459ca0c13</citedby><cites>FETCH-LOGICAL-c488t-4e7241c46f19b2f64de65f3990b79f6395323e318daf23aa412c5e00459ca0c13</cites></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><linktohtml>$$Uhttps://dx.doi.org/10.1016/j.ejor.2011.05.056$$EHTML$$P50$$Gelsevier$$H</linktohtml><link.rule.ids>314,780,784,3550,4008,27924,27925,45995</link.rule.ids><backlink>$$Uhttp://pascal-francis.inist.fr/vibad/index.php?action=getRecordDetail&idt=24427779$$DView record in Pascal Francis$$Hfree_for_read</backlink><backlink>$$Uhttp://econpapers.repec.org/article/eeeejores/v_3a215_3ay_3a2011_3ai_3a1_3ap_3a97-104.htm$$DView record in RePEc$$Hfree_for_read</backlink></links><search><creatorcontrib>Teng, Jinn-Tsair</creatorcontrib><creatorcontrib>Krommyda, Iris-Pandora</creatorcontrib><creatorcontrib>Skouri, Konstantina</creatorcontrib><creatorcontrib>Lou, Kuo-Ren</creatorcontrib><title>A comprehensive extension of optimal ordering policy for stock-dependent demand under progressive payment scheme</title><title>European journal of operational research</title><description>► Soni and Shah’s model is extended to allow for non-zero ending-inventory, limited inventory space and profit maximization. ► Sufficient conditions for the existence and uniqueness of the optimal solution are established. ► Economic interpretations for the theoretical results are provided. ► The numerical examples indicate that our optimal solution leads to increase the profit in relation with that of Soni and Shah.
In a recent paper,
Soni and Shah (2008) presented an inventory model with a stock-dependent demand under progressive payment scheme, assuming zero ending-inventory and adopting a cost-minimization objective. However, with a stock-dependent demand a non-zero ending stock may increase profits resulting from the increased demand. This work is motivated by
Soni and Shah’s (2008) paper extending their model to allow for: (1) a non-zero ending-inventory, (2) a profit-maximization objective, (3) a limited inventory capacity and (4) deteriorating items with a constant deterioration rate. For the resulted model sufficient conditions for the existence and uniqueness of the optimal solution are provided. Finally, several economic interpretations of the theoretical results are also given.</description><subject>Applied sciences</subject><subject>Demand</subject><subject>Deteriorating items</subject><subject>Deterioration</subject><subject>Economics</subject><subject>Exact sciences and technology</subject><subject>Inventories</subject><subject>Inventory</subject><subject>Inventory control, production control. Distribution</subject><subject>Inventory management</subject><subject>Inventory Stock-dependent demand Progressive payment scheme Deteriorating items</subject><subject>Marketing</subject><subject>Operational research and scientific management</subject><subject>Operational research. Management science</subject><subject>Operations research</subject><subject>Optimization</subject><subject>Payment systems</subject><subject>Progressive payment scheme</subject><subject>Raw materials</subject><subject>Stock-dependent demand</subject><subject>Stockpiling</subject><subject>Studies</subject><issn>0377-2217</issn><issn>1872-6860</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2011</creationdate><recordtype>article</recordtype><sourceid>X2L</sourceid><recordid>eNp9UU2LFDEQbUTBcfUPeAqC4KXHfKcbvCzL6q4seNFzyKYrOxm7kzbpGZx_b7Wz7MGDoSpVgfcej5emecvollGmP-63sM9lyyljW6qw9LNmwzrDW91p-rzZUGFMyzkzL5tXte4ppUwxtWnmS-LzNBfYQarxCAR-L-uWE8mB5HmJkxtJLgOUmB7InMfoTyTkQuqS_c92gBnSAGkhA0wuDeSAr0Lmkh8K1L-KsztNK6D6HUzwunkR3FjhzeO8aH58vv5-ddPefftye3V513rZdUsrwXDJvNSB9fc8aDmAVkH0Pb03fdCiV4ILEKwbXODCOcm4V0CpVL131DNx0Xw466KVXweoi51i9TCOLkE-VIux9bpnsluh7_6B7vOhJHRnu44paYRWCOJnkC-51gLBzgWzKSdUWsW03dv1D-z6B5YqLI2kr2dSwZj8EwPwIBSqPVrhOFN4n9ZtpQoXsdc5Y_cGxaXdLROKvX-06ap3Yygu-VifRLmU3BjTI-7TGQcY7zFCsdVHSB6GWMAvdsjxf57_ABYbtw0</recordid><startdate>20111116</startdate><enddate>20111116</enddate><creator>Teng, Jinn-Tsair</creator><creator>Krommyda, Iris-Pandora</creator><creator>Skouri, Konstantina</creator><creator>Lou, Kuo-Ren</creator><general>Elsevier B.V</general><general>Elsevier</general><general>Elsevier Sequoia S.A</general><scope>IQODW</scope><scope>DKI</scope><scope>X2L</scope><scope>AAYXX</scope><scope>CITATION</scope><scope>7SC</scope><scope>7TB</scope><scope>8FD</scope><scope>FR3</scope><scope>JQ2</scope><scope>L7M</scope><scope>L~C</scope><scope>L~D</scope><scope>7TA</scope><scope>JG9</scope></search><sort><creationdate>20111116</creationdate><title>A comprehensive extension of optimal ordering policy for stock-dependent demand under progressive payment scheme</title><author>Teng, Jinn-Tsair ; Krommyda, Iris-Pandora ; Skouri, Konstantina ; Lou, Kuo-Ren</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-c488t-4e7241c46f19b2f64de65f3990b79f6395323e318daf23aa412c5e00459ca0c13</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>2011</creationdate><topic>Applied sciences</topic><topic>Demand</topic><topic>Deteriorating items</topic><topic>Deterioration</topic><topic>Economics</topic><topic>Exact sciences and technology</topic><topic>Inventories</topic><topic>Inventory</topic><topic>Inventory control, production control. Distribution</topic><topic>Inventory management</topic><topic>Inventory Stock-dependent demand Progressive payment scheme Deteriorating items</topic><topic>Marketing</topic><topic>Operational research and scientific management</topic><topic>Operational research. Management science</topic><topic>Operations research</topic><topic>Optimization</topic><topic>Payment systems</topic><topic>Progressive payment scheme</topic><topic>Raw materials</topic><topic>Stock-dependent demand</topic><topic>Stockpiling</topic><topic>Studies</topic><toplevel>peer_reviewed</toplevel><toplevel>online_resources</toplevel><creatorcontrib>Teng, Jinn-Tsair</creatorcontrib><creatorcontrib>Krommyda, Iris-Pandora</creatorcontrib><creatorcontrib>Skouri, Konstantina</creatorcontrib><creatorcontrib>Lou, Kuo-Ren</creatorcontrib><collection>Pascal-Francis</collection><collection>RePEc IDEAS</collection><collection>RePEc</collection><collection>CrossRef</collection><collection>Computer and Information Systems Abstracts</collection><collection>Mechanical & Transportation Engineering Abstracts</collection><collection>Technology Research Database</collection><collection>Engineering Research Database</collection><collection>ProQuest Computer Science Collection</collection><collection>Advanced Technologies Database with Aerospace</collection><collection>Computer and Information Systems Abstracts Academic</collection><collection>Computer and Information Systems Abstracts Professional</collection><collection>Materials Business File</collection><collection>Materials Research Database</collection><jtitle>European journal of operational research</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>Teng, Jinn-Tsair</au><au>Krommyda, Iris-Pandora</au><au>Skouri, Konstantina</au><au>Lou, Kuo-Ren</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>A comprehensive extension of optimal ordering policy for stock-dependent demand under progressive payment scheme</atitle><jtitle>European journal of operational research</jtitle><date>2011-11-16</date><risdate>2011</risdate><volume>215</volume><issue>1</issue><spage>97</spage><epage>104</epage><pages>97-104</pages><issn>0377-2217</issn><eissn>1872-6860</eissn><coden>EJORDT</coden><abstract>► Soni and Shah’s model is extended to allow for non-zero ending-inventory, limited inventory space and profit maximization. ► Sufficient conditions for the existence and uniqueness of the optimal solution are established. ► Economic interpretations for the theoretical results are provided. ► The numerical examples indicate that our optimal solution leads to increase the profit in relation with that of Soni and Shah.
In a recent paper,
Soni and Shah (2008) presented an inventory model with a stock-dependent demand under progressive payment scheme, assuming zero ending-inventory and adopting a cost-minimization objective. However, with a stock-dependent demand a non-zero ending stock may increase profits resulting from the increased demand. This work is motivated by
Soni and Shah’s (2008) paper extending their model to allow for: (1) a non-zero ending-inventory, (2) a profit-maximization objective, (3) a limited inventory capacity and (4) deteriorating items with a constant deterioration rate. For the resulted model sufficient conditions for the existence and uniqueness of the optimal solution are provided. Finally, several economic interpretations of the theoretical results are also given.</abstract><cop>Amsterdam</cop><pub>Elsevier B.V</pub><doi>10.1016/j.ejor.2011.05.056</doi><tpages>8</tpages></addata></record> |
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| subjects | Applied sciences Demand Deteriorating items Deterioration Economics Exact sciences and technology Inventories Inventory Inventory control, production control. Distribution Inventory management Inventory Stock-dependent demand Progressive payment scheme Deteriorating items Marketing Operational research and scientific management Operational research. Management science Operations research Optimization Payment systems Progressive payment scheme Raw materials Stock-dependent demand Stockpiling Studies |
| title | A comprehensive extension of optimal ordering policy for stock-dependent demand under progressive payment scheme |
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