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Growing Science » International Journal of Industrial Engineering Computations » An EOQ model for three parameter Weibull deterioration with permissible delay in payments and associated salvage value

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International Journal of Industrial Engineering Computations

ISSN 1923-2934 (Online) - ISSN 1923-2926 (Print)
Quarterly Publication
Volume 3 Issue 2 pp. 115-122 , 2012

An EOQ model for three parameter Weibull deterioration with permissible delay in payments and associated salvage value Pages 115-122 Right click to download the paper Download PDF

Authors: C.K. Tripathy, L. M. Pradhan

DOI: 10.5267/j.ijiec.2011.07.004

Keywords: Weibull deterioration, Permissible delay in payments, Salvage value

Abstract: This paper deals with the development of an inventory model for Weibull deteriorating items with constant demand when delay in payments is allowed to the retailer to settle the account against the purchases made. Shortages are not allowed and the salvage value is associated with the deteriorated units. In this paper, we consider two cases; those are for the case payment within the permissible time and for payment after the expiry of permissible time with interest. Numerical examples are provided to illustrate our results. Sensitivity analysis are carried out to analyze the effect of changes in the optimal solution with respect to change in one parameter at a time.

How to cite this paper
Tripathy, C & Pradhan, L. (2012). An EOQ model for three parameter Weibull deterioration with permissible delay in payments and associated salvage value.International Journal of Industrial Engineering Computations , 3(2), 115-122.

Refrences
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Liao, H. C., Tsai, C.H., Su, C. T. (2000). An inventory model with deteriorating items under inflation when a delay in payments is permissible. International Journal of Production Economics, 63, 207- 214.

Ouyang, L. Y., TENG, J. T., & CHEN, L. H. (2006). Optimal ordering policy for deteriorating items with partial backlogging under permissible delay in payments. Journal of Global Optimization, 34, 245- 271.

Ouyang, L. Y., TENG, J. T., GOYAL, S. K., & YANG, C. T. (2009). An economic order quantity model for deteriorating items with partially permissible delay in payments linked to order quantity. European Journal of Operational Research, 194, 418 – 431.

Sarker, B. R., JAMAL, A. M. M., & WANG, S. (2000). Optimal payment time under permissible delay for production with deterioration. Production planning and Control, 11,380 –390.

Shah, N. H. (2006). Inventory model for deteriorating items & time value of money for a finite time horizon under the permissible delay in payments. International Journal in System Sciences, 37, 9-15.

Shah, N. H., & Raykundaliya, N. (2010). Retailers Pricing & Ordering Strategy for Weibull Distribution Deterioration under trade credit in declining market. Applied Mathematical Sciences, 4, 21, 1011-1020.

Teng, J.T, (2002). On the Economic Order Quantity under conditions of permissible delay in payments, Journal of the Operational Research Society. 53, 915-918.

Tripathy, C.K., & Pradhan L.M. (2011). Optimal Pricing & Ordering Policy for three parameter Weibull deterioration under trade credit. International Journal of Mathematical Analysis, 5(6), 275-284.

Tripathy, C.K. & Mishra U. (2010). An EOQ Model for Linear Deteriorating Rates with Shortage and Permissible Delay in Payment, The IUP Journal of Operations Management, 4(4), 7-20.
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Journal: International Journal of Industrial Engineering Computations | Year: 2012 | Volume: 3 | Issue: 2 | Views: 2900 | Reviews: 0

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