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Growing Science » International Journal of Industrial Engineering Computations » Optimal pricing and inventory policies for non-instantaneous deteriorating items with permissible delay in payment: Fuzzy expected value model

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International Journal of Industrial Engineering Computations

ISSN 1923-2934 (Online) - ISSN 1923-2926 (Print)
Quarterly Publication
Volume 3 Issue 3 pp. 281-300 , 2012

Optimal pricing and inventory policies for non-instantaneous deteriorating items with permissible delay in payment: Fuzzy expected value model Pages 281-300 Right click to download the paper Download PDF

Authors: Hardik N Soni, Kamlesh A Patel

DOI: 10.5267/j.ijiec.2012.02.005

Keywords: Fuzzy expected value inventory model, Non-instantaneous deterioration, Partial backlogging, Pricing

Abstract: This study investigates optimal pricing and inventory policies for non-instantaneous deteriorating items with permissible delay in payment. The demand rate is as known, continuous and differentiable function of price while holding cost rate, interest paid rate and interest earned rate are characterized as independent fuzzy variables rather than fuzzy numbers as in previous studies. Under these general assumptions, we first formulated a fuzzy expected value model (EVM) and then some useful theoretical results have been derived to characterize the optimal solutions. An efficient algorithm is designed to determine the optimal pricing and inventory policy for the proposed model. The algorithmic procedure is demonstrated by means of numerical examples.

How to cite this paper
Soni, H & Patel, K. (2012). Optimal pricing and inventory policies for non-instantaneous deteriorating items with permissible delay in payment: Fuzzy expected value model.International Journal of Industrial Engineering Computations , 3(3), 281-300.

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Journal: International Journal of Industrial Engineering Computations | Year: 2012 | Volume: 3 | Issue: 3 | Views: 2608 | Reviews: 0

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