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Journal ArticleDOI

An EOQ model with delay in payments and time varying deterioration rate

01 Feb 2012-Mathematical and Computer Modelling (Pergamon)-Vol. 55, Iss: 3, pp 367-377
TL;DR: The author develops an EOQ model for time varying deterioration rate where demand and deterioration rate are both time-dependent and the profit function of the model is maximized.
About: This article is published in Mathematical and Computer Modelling.The article was published on 2012-02-01 and is currently open access. It has received 243 citations till now. The article focuses on the topics: Economic order quantity & Purchasing.
Citations
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Journal ArticleDOI
TL;DR: In this article, a production-inventory model is developed for a deteriorating item in a two-echelon supply chain management (SCM), and an algebraical approach is applied to find the minimum cost related to this entire SCM.

229 citations


Additional excerpts

  • ...[16], Sarkar [17], etc....

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Journal ArticleDOI
TL;DR: An up-to-date review of perishable inventory models, but also of the joint key topics of publications from January 2012 until December 2015 in the research area of deteriorating inventory models is given.

206 citations

Journal ArticleDOI
TL;DR: In this paper, the effect of preservation technology investment on inventory decisions is studied in an inventory system with a non-instantaneous deteriorating item, and the basic results of fractional programming are employed to prove the uniqueness of the global maximum for each case.
Abstract: Considering an inventory system with a non-instantaneous deteriorating item, our objective is to study the effect of preservation technology investment on inventory decisions. The generalized productivity of invested capital, deterioration and time-depend partial backlogging rates are used to model the inventory system. The basic results of fractional programming are employed to prove the uniqueness of the global maximum for each case. We also establish several structural properties on finding the optimal replenishment and preservation technology strategies. Further, we use a couple of numerical examples to illustrate the results and conclude the paper with suggestions for possible future researches.

198 citations


Cites background from "An EOQ model with delay in payments..."

  • ...[10], Papachristos and Skouri [11], Dye [12], Tsao and Sheen [13], Sarkar [14], Wang and Li [15] and Cai et al....

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Journal ArticleDOI
TL;DR: An economic order quantity model for the retailer is proposed where the retailer’s optimal credit period and cycle time not only exist but also are unique and several special cases are discussed including for non-deteriorating items.

190 citations

Journal ArticleDOI
TL;DR: In this article, the authors explore and discuss the evolution of these models during one hundred years of history, starting from the basic model developed by Harris in 1913, up to today.

167 citations

References
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Journal ArticleDOI
TL;DR: Experience has shown one manager a way to determine the economical size of lots, and interest on capital tied up in wages, material and overhead sets a maximum limit to the quantity of parts which can be profitably manufactured at one time.
Abstract: Reprinted from Factory, The Magazine of Management, Volume 10, Number 2, February 1913, pp. 135-136, 152. Interest on capital tied up in wages, material and overhead sets a maximum limit to the quantity of parts which can be profitably manufactured at one time; "set-up" costs on the job fix the minimum. Experience has shown one manager a way to determine the economical size of lots.

1,306 citations


"An EOQ model with delay in payments..." refers methods in this paper

  • ...[15] F.W. Harris, How many parts to make at once, Factory Mag....

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  • ...The basic well known EOQ model was first introduced by Harris [15]....

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Journal ArticleDOI
TL;DR: The motivations, extensions and generalizations of various models in each sub-class have been discussed in brief to bring out pertinent information regarding model developments in the last decade.

1,247 citations


"An EOQ model with delay in payments..." refers result in this paper

  • ...[11] S.K. Goyal, B.C. Giri, Recent trends in modeling of deteriorating inventory, European J. Oper....

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  • ...In this regard, most of the researchers like Ghare and Schrader [1], Covert and Philip [2], Dave and Patel [3], Sachan [4], Goyal [5], Datta and Pal [6], Goswami and Chaudhuri [7], Raafat [8], Hariga [9], Chang and Dye [10], Goyal and Giri [11], Skouri and Papachristos [12], Skouri et al. [13], etc. considered either a constant or exponential deterioration rate....

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  • ...In this regard, most of the researchers like Ghare and Schrader [1], Covert and Philip [2], Dave and Patel [3], Sachan [4], Goyal [5], Datta and Pal [6], Goswami and Chaudhuri [7], Raafat [8], Hariga [9], Chang and Dye [10], Goyal and Giri [11], Skouri and Papachristos [12], Skouri et al....

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Journal ArticleDOI
TL;DR: In this article, a mathematical model for obtaining the economic order quantity for an item for which the supplier permits a fixed delay in settling the amount owed to him is presented, and an example has been solved to illustrate the method.
Abstract: In this paper, mathematical models have been derived for obtaining the economic order quantity for an item for which the supplier permits a fixed delay in settling the amount owed to him. An example has been solved to illustrate the method.

1,204 citations


"An EOQ model with delay in payments..." refers background in this paper

  • ...In this regard, most of the researchers like Ghare and Schrader [1], Covert and Philip [2], Dave and Patel [3], Sachan [4], Goyal [5], Datta and Pal [6], Goswami and Chaudhuri [7], Raafat [8], Hariga [9], Chang and Dye [10], Goyal and Giri [11], Skouri and Papachristos [12], Skouri et al. [13], etc. considered either a constant or exponential deterioration rate....

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  • ...Depending on the trade-credit policy, Goyal [23] first discussed the EOQmodel with permissible delay in payments....

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  • ...[23] S.K. Goyal, Economic order quantity under conditions of permissible delay in payments, J. Oper....

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  • ...In this direction, some notable researches were done by Chen and Chuang [26], Jamal et al. [27], Teng [28], Huang [29], Areculus et al. [30], Ouyang et al. [31], Jaber and Osman [32], Teng and Goyal [33], Chen and Kang [34], Huang [35], Dye et al. [36], etc. Cárdenas-Barrón [37,38] corrected and also extended the inventory model of Sarker and Kindi [39] related to discount offer but with constant demand pattern....

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  • ...Considering this, many researchers considered time-varying demand like Silver and Meal [16], Donaldson [17], Goyal [18], Goyal et al. [19], Hariga [20], etc. Recently, Sana and Chaudhuri [21] discussed a production–inventorymodel with quadratic demand pattern which was an extension of Khanra et al. [22]....

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Journal ArticleDOI
TL;DR: A complete and up-to-date survey of published inventory literature for the deteriorating (decaying) inventory models and a classification scheme is presented along with suggestions for future research.
Abstract: This paper presents a complete and up-to-date survey of published inventory literature for the deteriorating (decaying) inventory models. More specifically, those papers are addressed that consider the effect of deterioration as a function of the on-hand level of inventory. The basic features, extensions and generalization of various models are discussed. A classification scheme is presented along with suggestions for future research.

812 citations


"An EOQ model with delay in payments..." refers result in this paper

  • ...In this regard, most of the researchers like Ghare and Schrader [1], Covert and Philip [2], Dave and Patel [3], Sachan [4], Goyal [5], Datta and Pal [6], Goswami and Chaudhuri [7], Raafat [8], Hariga [9], Chang and Dye [10], Goyal and Giri [11], Skouri and Papachristos [12], Skouri et al. [13], etc. considered either a constant or exponential deterioration rate....

    [...]

  • ...[8] F. Raafat, Survey of literature on continuously deteriorating inventory model, J. Oper....

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  • ...In this regard, most of the researchers like Ghare and Schrader [1], Covert and Philip [2], Dave and Patel [3], Sachan [4], Goyal [5], Datta and Pal [6], Goswami and Chaudhuri [7], Raafat [8], Hariga [9], Chang and Dye [10], Goyal and Giri [11], Skouri and Papachristos [12], Skouri et al....

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01 Jan 1963

710 citations


"An EOQ model with delay in payments..." refers result in this paper

  • ...References [1] P.M. Ghare, G.F. Schrader, A model for exponentially decaying inventory, J. Ind. Eng. 14 (1963) 238–243....

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  • ...In this regard, most of the researchers like Ghare and Schrader [1], Covert and Philip [2], Dave and Patel [3], Sachan [4], Goyal [5], Datta and Pal [6], Goswami and Chaudhuri [7], Raafat [8], Hariga [9], Chang and Dye [10], Goyal and Giri [11], Skouri and Papachristos [12], Skouri et al. [13], etc. considered either a constant or exponential deterioration rate....

    [...]

  • ...In this regard, most of the researchers like Ghare and Schrader [1], Covert and Philip [2], Dave and Patel [3], Sachan [4], Goyal [5], Datta and Pal [6], Goswami and Chaudhuri [7], Raafat [8], Hariga [9], Chang and Dye [10], Goyal and Giri [11], Skouri and Papachristos [12], Skouri et al....

    [...]