IDEAS home Printed from https://ideas.repec.org/a/hin/jjmath/6697279.html
   My bibliography  Save this article

Product Replacement Policy in a Production Inventory Model with Replacement Period-, Stock-, and Price-Dependent Demand

Author

Listed:
  • Subhajit Das
  • Amalesh Kumar Manna
  • Emad E. Mahmoud
  • Kholod M. Abualnaja
  • Abdel-Haleem Abdel-Aty
  • Ali Akbar Shaikh
  • Hijaz Ahmad

Abstract

In the competitive market situation, several companies confer various types of incentives and facilities during product sell to their customers with certain terms and conditions. For the products such as mobile, TV, water purifiers, marshal products, and many more, its corresponding companies offer replacement facility during the guarantee period to enhance the customers’ demand. In this study, we have formulated a production inventory model with considering product’s replacement facility of the failure product within guarantee periods to their customers. This work also leads two vital assumptions: (i) customers’ demand is depending on the replacement period, stock level, and selling price of the product and (ii) the rate of replacement loss of manufacturer’s capital is dependent on the replacement period, and it is a nonlinear function. Since the corresponding optimization problem is highly nonlinear, we have solved it by MATHEMATICA software. The concavity of the centre of interval-valued average profit of the proposed model is shown graphically. In order to justify the validity of the proposed model, a numerical example is considered and solved. Finally, the sensitivity analyses are carried out with respect to the different model parameters.

Suggested Citation

  • Subhajit Das & Amalesh Kumar Manna & Emad E. Mahmoud & Kholod M. Abualnaja & Abdel-Haleem Abdel-Aty & Ali Akbar Shaikh & Hijaz Ahmad, 2020. "Product Replacement Policy in a Production Inventory Model with Replacement Period-, Stock-, and Price-Dependent Demand," Journal of Mathematics, Hindawi, vol. 2020, pages 1-8, December.
    • Handle: RePEc:hin:jjmath:6697279
    DOI: 10.1155/2020/6697279
    as

    Download full text from publisher

    File URL: http://downloads.hindawi.com/journals/jmath/2020/6697279.pdf
    Download Restriction: no
    File URL: http://downloads.hindawi.com/journals/jmath/2020/6697279.xml
    Download Restriction: no
    File URL: https://libkey.io/10.1155/2020/6697279?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Md Sadikur Rahman & Subhajit Das & Amalesh Kumar Manna & Ali Akbar Shaikh & Asoke Kumar Bhunia & Leopoldo Eduardo Cárdenas-Barrón & Gerardo Treviño-Garza & Armando Céspedes-Mota, 2021. "A Mathematical Model of the Production Inventory Problem for Mixing Liquid Considering Preservation Facility," Mathematics, MDPI, vol. 9(24), pages 1-19, December.
    2. Ali Akbar Shaikh & Leopoldo Eduardo Cárdenas-Barrón & Amalesh Kumar Manna & Armando Céspedes-Mota & Gerardo Treviño-Garza, 2021. "Two Level Trade Credit Policy Approach in Inventory Model with Expiration Rate and Stock Dependent Demand under Nonzero Inventory and Partial Backlogged Shortages," Sustainability, MDPI, vol. 13(23), pages 1-19, December.
    3. Nabajyoti Bhattacharjee & Nabendu Sen, 2022. "A sustainable production inventory model for profit maximization under optimum raw material input rate during production," OPSEARCH, Springer;Operational Research Society of India, vol. 59(2), pages 667-693, June.
    4. Nabajyoti Bhattacharjee & Nabendu Sen, 2021. "An inventory model to study the effect of the probabilistic rate of carbon emission on the profit earned by a supplier," Operations Research and Decisions, Wroclaw University of Science and Technology, Faculty of Management, vol. 31(4), pages 5-33.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hin:jjmath:6697279. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Mohamed Abdelhakeem (email available below). General contact details of provider: https://www.hindawi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.