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http://hdl.handle.net/10397/93864
Title: | Joint inspection and inventory control for deteriorating items with time-dependent demand and deteriorating rate | Authors: | Xie, Y Tai, AH Ching, WK Kuo, YH Song, N |
Issue Date: | May-2021 | Source: | Annals of operations research, May 2021, v. 300, no. 1, p. 225-265 | Abstract: | In this paper, we consider inventory control problems for deteriorating items with maximum serviceable lifetime under mixed sales situation, both of the demand and the deterioration rate are depending on time. A model is presented to formulate the process of mixed sales that deteriorated items are sold to consumers together with serviceable items, where penalty cost for the sales of deteriorated products is included. From the literature search, this study is one of the first researches on the joint inspection and inventory control policies under the mixed sales situation with time-dependent demand and deterioration rate. An additional ordering contract is designed to improve the inventory holder’s profit. The optimal ordering time and ordering quantities are characterized for the additional ordering contract. We show that it would be more beneficial for the inventory holder to employ an additional order. Furthermore, two different inspection policies are considered in this study: (i) one inspection during the cycle; (ii) continuous monitoring in the cycle. The numerical results show that the net profit would increase if one inspection or continuous monitoring is conducted. These results provide useful insights to guide decision-making in inventory control problems of deteriorating products. | Keywords: | Additional order Deteriorating items Inspection policy Inventory system Mixed sales Time-dependent demand and deterioration rate |
Publisher: | Springer | Journal: | Annals of operations research | ISSN: | 0254-5330 | EISSN: | 1572-9338 | DOI: | 10.1007/s10479-021-03943-2 | Rights: | © The Author(s), under exclusive licence to Springer Science+Business Media, LLC part of Springer Nature 2021 This version of the article has been accepted for publication, after peer review (when applicable) and is subject to Springer Nature’s AM terms of use (https://www.springernature.com/gp/open-research/policies/accepted-manuscript-terms), but is not the Version of Record and does not reflect post-acceptance improvements, or any corrections. The Version of Record is available online at: http://dx.doi.org/10.1007/s10479-021-03943-2 |
Appears in Collections: | Journal/Magazine Article |
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Tai_Joint_Inspection_Inventory.pdf | Pre-Published version | 862.01 kB | Adobe PDF | View/Open |
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