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Optimal payment policy with price-dependent demand and three parameters dependent deterioration rate under the influence trade credit

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  • Mukesh Kumar
  • Deo Datta Aarya

Abstract

In this paper we developed an inventory model for an optimal payment policy for deteriorating items under the influence of trade credit. Demand rate of the product is considered as the function of selling price. Here, we consider the deteriorating item that follows three-parameter Weibull distribution deterioration. Finally, the optimal solution is illustrated with help of numerical example and the sensitivity analysis is carried out with respect to different parameters.

Suggested Citation

  • Mukesh Kumar & Deo Datta Aarya, 2016. "Optimal payment policy with price-dependent demand and three parameters dependent deterioration rate under the influence trade credit," International Journal of Operational Research, Inderscience Enterprises Ltd, vol. 26(2), pages 236-251.
    • Handle: RePEc:ids:ijores:v:26:y:2016:i:2:p:236-251
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