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An analysis of replenishment model of deteriorating items with ramp-type demand and trade credit under the learning effect

Author

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  • Archana Sharma
  • Usha Sharma
  • Chaman Singh

Abstract

Effective management and control strategies are prerequisites in order to optimise inventory related decisions. Robust replenishment model can reduce overall inventory cost and increase financial surplus for the organisation. Adoption of trade credit strategy for deteriorating items provides economic benefits to the retailer (buyer) in settling the account for the fixed period and boosts the sales of the organisation. Therefore, in this proposed model trade credit is introduced and demands pattern follows ramp-type which is quadratic function of time for decaying items. Shortages are allowed and partially backlogged where the backlogging rate is dependent of waiting time. The inflation factor is also considered to propose realistic environment. Additionally, this study also considered the cost components which are followed by learning curve to improve the total inventory cost with strategic scheduling. Finally, the model is analysed through numerical examples and the sensitivity analysis is performed to test the robustness of the model.

Suggested Citation

  • Archana Sharma & Usha Sharma & Chaman Singh, 2018. "An analysis of replenishment model of deteriorating items with ramp-type demand and trade credit under the learning effect," International Journal of Procurement Management, Inderscience Enterprises Ltd, vol. 11(3), pages 313-342.
    • Handle: RePEc:ids:ijpman:v:11:y:2018:i:3:p:313-342
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    Cited by:

    1. Soosan Moradi & Mohammad Reza Gholamian & Arash Sepehri, 2023. "An inventory model for imperfect quality items considering learning effects and partial trade credit policy," OPSEARCH, Springer;Operational Research Society of India, vol. 60(1), pages 276-325, March.

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